Opportunity cost is always measured in dollar terms, rather than in terms of real goods and services

The invention of the integrated circuit by Jack Kilby of Texas Instruments gave rise to the information age. What did this technological change do the short-run supply curve?

A) It moved the economy up along a stationary short-run aggregate supply curve. B) It shifted the short-run aggregate supply curve to the left. C) It shifted the short-run aggregate supply curve to the right. D) It moved the economy down along a stationary short-run aggregate supply curve.

Economists call a game that is played more than once:

A. a repeated game. B. collusion. C. a commitment strategy. D. cooperative price play.