Refer to the scenario above. The opportunity cost of producing one pound of oranges in Zeta is:
A) 1 pound of apples. B) 0.33 pounds of apples.
C) 0.5 pounds of apples. D) 2 pounds of apples.
B
Economics
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When we measure GDP by income, production, or spending, one is certain to be larger than the others.
a. true b. false
Economics
If the market for bicycles is efficient, then
A) no more bicycles can be produced. B) marginal benefit exceeds marginal cost. C) consumer surplus must be greater than producer surplus. D) it is not possible to produce more bicycles without sacrificing another, more highly valued good. E) consumer surplus must equal producer surplus.
Economics