All production involves an opportunity cost because
a. to produce costs money
b. costs of production are sky rocketing
c. to produce more of one thing, we must produce more of everything
d. to produce more of one thing, we must produce less of something else
e. when an individual obtains more of a good, he may not be fully satisfied
D
Economics
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Refer to the above table. Suppose the price of Y rises from $18 to $20. What is the cross price elasticity of demand between X and Y?
A) -2 B) -1 C) 0 D) +1
Economics
To an economist, a decrease in supply means a: a. rightward shift of the supply curve
b. movement up along a supply curve. c. leftward shift of the supply curve. d. movement down along the supply curve.
Economics