If production involves increasing opportunity cost, then moving nearer the horizontal axis will increase the opportunity cost of
a. the good that is shown on the horizontal axis.
b. the good that is shown on the vertical axis.
c. both of the goods shown on the axes.
d. neither of the goods shown on the axes.
a
Economics
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Economists James Buchanan and Gordon Tullock are well-known for developing
A) the concept of government failure. B) the voting paradox. C) the impossibility theorem. D) the public choice model.
Economics
An important assumption that is made when constructing a demand schedule is that
a. only price and quantity matter in determining demand. b. people always want a certain amount of a product. c. demand is too important to be left to the economists. d. all other determinants of demand are held constant. e. demand has a positive slope.
Economics