At prices below a consumer's willingness to pay:
A. the buyer will participate in the market because the opportunity cost is less than the benefit from consuming the good.
B. the buyer will participate in the market because the opportunity cost is more than the benefit from consuming the good.
C. the buyer will not participate in the market because the opportunity cost is less than the benefit from consuming the good.
D. the buyer will not participate in the market because the opportunity cost is more than the benefit from consuming the good.
A. the buyer will participate in the market because the opportunity cost is less than the benefit from consuming the good.
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The table above shows the PPF of an island community. Choose the best statement
A. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff. B. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient. C. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch. D. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.
Union membership has continued to grow faster than the labor force in the United States since World War II
a. True b. False