A rightward shift of the supply curve will lead to a(n)
A) decrease in equilibrium price.
B) excess supply at the old equilibrium price.
C) increase in quantity demanded.
D) All of the above.
D
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The assertion that if resources are allocated efficiently, they also are allocated fairly is made by
A) all utilitarians. B) John Rawls, who proposed making the poorest as well off as possible. C) Robert Nozick, who believes that equality of opportunity is fair. D) all economists who understand the big tradeoff.
You have an hour between your economics and math classes. What is the opportunity cost of that time if you use it to complete your math homework instead of your economics homework?
A. the economics homework you could have completed B. the math homework you chose to complete C. the cost of your calculator and math textbook D. zero, because it doesn't cost any money to do your math homework