Opportunity cost:
a. applies only to consumption decisions.
b. applies only to production decisions.
c. is the same as monetary costs.
d. exists because of scarcity.
e. is irrelevant for wealthy economies.
Question 2
Pollution damages the environment we live in. An economist would advise that we reduce air pollution:
a. as long as the marginal benefit from air pollution reduction outweighs the marginal cost of achieving the reduction.
b. until the total benefit from air pollution reduction just equals the total cost of pollution reduction.
c. until air pollution levels reach near-zero levels.
d. to the levels experienced in the 1950s when air was much cleaner near big cities.
Block Diagram of a Dual-stage Pressure System for Dual-Stage Pressure Production of Nitric Acid Seme
Typical Startup Cost Categories
Industrialized nations consumption
Per capita consumption of power is high in the developed world and highest in the United States
Production and Prices in Richland and Poorland
Cost Accounting 14