Which of the following would increase the price of fitness equipment?
a. a reduction in consumer income
b. a major study indicating that a 30-minute workout each day improved health more than was previously thought to be the case
c. a decrease in the price of steel used to produce the equipment
d. all of the above
B
You might also like to view...
Countries often have to choose between producing military or consumer goods, a trade-off economists call ____________ .
a. export or import. b. a free market economy. c. farm goods or factory goods. d. guns or butter.
Ronnie waits one hour in queue to buy a ticket to a rock concert. The opportunity cost of buying the $28 ticket:
a. is Ronnie's best alternative use of the sum of $28 spent on the ticket. b. is Ronnie's best alternative use of the one hour it took to wait in queue. c. is the revenue of $28 earned by the ticket agent. d. is Ronnie's best alternative use of both $28 and the one hour spent in the queue. e. cannot be measured because there is no opportunity cost associated with consumption.