An increase in the wages paid to fishermen will have what effect on the fish market equilibrium?
a. Price will decrease, and quantity will decrease.
b. Price will increase, and quantity will increase.
c. Price will decrease, and quantity will increase.
d. Price will increase, and quantity will decrease.
e. Price and quantity will stay the same.
d
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When making a choice to do more of one activity, the highest-valued other choice society does not make is called _______ , and it is measured _______ .
A) opportunity cost; in terms of the money it costs B) increasing cost; in terms of the amount of money spent doing so C) constant cost; by the slope of the production possibilities curve at that level D) opportunity cost; by the slope of the production possibilities curve at that level
All consumption bundles along a given indifference curve are equally desirable
Indicate whether the statement is true or false