Macroeconomics (7th Edition)
Macroeconomics (7th Edition)
7th Edition
ISBN: 9780134738314
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 1, Problem 1.2.13PA

Sub part(a):

To determine

Opportunity cost of distributing tickets.

Sub part(b):

To determine

Opportunity cost of distributing tickets.

Sub part(c):

To determine

Opportunity cost of distributing tickets.

Sub part(d):

To determine

Opportunity cost of distributing tickets.

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A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
Eric is training to run a marathon. Consider the following sentence: Eric has only 20 hours per week that he can devote to training for his race.   Which basic concept of individual choice does this sentence best illustrate? People usually exploit opportunities to make themselves better off.   A. Resources are scarce.   B. All costs are opportunity costs.   C. Many decisions are made on the margin.
QUESTION 37 What is the relationship between scarcity and shortage, as economists use the terms? Scarcity creates shortages in the long run. Scarcity is unavoidable but shortages are not. Shortages are the basic cause of scarcity. Scarcity is relative while shortages are absolute. Scarcity and shortage cannot exist simultaneously. QUESTION 38 If the quantity of gasoline supplied currently exceeds the quantity demanded, O gasoline is no longer a scarce good. Othere is a surplus of gasoline. the price of gasoline would tend to remain unchanged. all of the above are true. none of the above is true.
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