Which of the following does not illustrate opportunity cost?
a. If I study, I must give up going to the football game.
b. If I buy a computer, I must do without a 35" television.
c. More consumer spending now means more spending in the future.
d. If I spend more on clothes, I must spend less on food.
c
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A microeconomic analysis shows that in a competitive economy in which labor is homogenous and mobile, the ratio of the prices of the products in equilibrium is inversely proportional to:
a. the ratio of the capital used in production. b. the ratio of the marginal products of labor. c. the geographical region of the country in which the factory is located. d. the strength of bargaining power of the workers.
Short-run cost functions are estimated using
A) time-series regression analysis. B) cross-sectional regression analysis. C) nominal cost data. D) present value cost data.