Don't take answer from chegg From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on theleft."There is no such thing as a free lunch."Although increased government investments in infrastructuresaved or created 1.1 million jobs in construction industry and400,000 jobs in manufacturing by March 2011, the U.S.unemployment rate for the month was still 8.8%A downward sloping curve that is bowed outwardRepresents a situation where it is possible to increaseproduction in one area without reducing in anotherEquilibrium price for the item will necessarily increaseD. The Law of Diminishing Marginal UtilityE. Negative marginal utilityF.Increase price to raise revenueG. A society that produces at a point above its PPF.If Hurricane Harvey reduces both demand and supply of natural H. A PPF with increasing opportunity costgasA. consumer's surplusB.A normative microeconomics statementC.1.A positive macroeconomics statement.J. Each time a choice is made opportunity costs are incurred.Price elasticity of demand for good X is 2.5K. Equilibrium price for the item can increase, decrease, or remain thesame.A small increase in price of a good reduces quantity demanded L. A PPF with constant or decreasing opportunity costto zeroM. The Budget Constraint line rotates clockwiseN.The difference between the maximum price a person is willingand able to pay and the actual price he/she paidTotal utility declines as the quantity consumed of a goodincreasesIncome declinesA situation of no-exchange.O. The Budget Constraint shifts inwardP. Perfectly inelastic demandQ. Perfectly elastic demandR. Productive inefficientS. Decrease price to raise revenue

1) There is no such thing as a free lunch —> this means that even if money is not involved in a…

though increased government investments in infrastructure ved or created 1.1 million jobs in construction industry and 0,000 jobs in manufacturing by March 2011, the U.S. employment rate for the month was still 8.8% downward sloping curve that is bowed outward presents a situation where it is possible to increase oduction in one area without reducing in another Hurricane Harvey reduces both demand and supply of natural s C. Equilibrium price for the item will necessarily increase D. The Law of Diminishing Marginal Utility E. Negative marginal utility F. Increase price to raise revenue G. A society that produces at a point above its PPF. H. A PPF with increasing opportunity cost I. A positive macroeconomics statement. J. Each time a choice is made opportunity costs are incurre Equilibrium price for the item can increase, decrease, or K. ice elasticity of demand for good X is 2.5 same. small increase in price of a good reduces quantity demanded L. A PPF with constant or decreasing opportunity cost zero e difference between the maximum price a person is willing d able to pay and the actual price he/she paid B. A normative microeconomics statement tal utility declines as the quantity consumed of a good creases come declines M. The Budget Constraint line rotates clockwise N. A situation of no-exchange. O. The Budget Constraint shifts inward P. Perfectly inelastic demand

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 14E