The assumption that "other things are constant" is also known as the
A. distinguishing characteristic of economics as a science.
B. ceteris paribus assumption.
C. relationships assumption.
D. rational self-interest assumption.
Answer: B
Economics
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When we look at a production possibilities curve, the opportunity cost can be understood as
A) The point of maximum production of one good B) The amount of the other good that must be given up for one more unit of production C) The total cost of producing the good D) The price people will pay for the additional amount produced
Economics
Refer to Table 1-3. What is Santiago's marginal cost if he decides to stay open for an extra two hours instead of one hour?
A) $18 B) $36 C) $38 D) $102
Economics