An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one radio?

Economic growth is slow or absent in some economies because those lack

A) political freedom. B) democracy. C) a strong government. D) cultural freedom. E) economic freedom.

For the perfectly competitive firm, economic profit equals:

a. (price - marginal cost) x quantity. b. (price - average total cost) x quantity. c. (price - average variable cost) x quantity. d. total revenue - total fixed cost.