Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 2, Problem 10E
To determine
The correct answer from the given options that states the
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Hutch Technology makes computer monitors, which sell for $100 each. What is the opportunity cost of 10 monitors?$1,000The other goods that could be produced with the resources that produce the 10 monitorsThe profits that Hutch earns when 10 monitors are soldThe lost profits that Hutch if the monitors are not producedAll of the responses are correct.
A production possibilities curve that is concave to the origin (bowed out) implies that as more of a good is produced, the opportunity cost
(A) remains constant
(B) decreases
(C) decreases at first and then increases
(D) increases
(E) increases at first and then decreases
Which statement about the opportunity cost of good Y in terms of good X is correct?
A It decreases as the output of Y increases.
B It is always below 1Y = 1X.
C It is constant throughout the range of output shown.
D It is never above 1Y = 2X.
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