Microeconomics exams - Study guides, Class notes & Summaries

the statement "there's no such thing as a free lunch" arises from the economic concept of: - opportunity cost economics deals with the ideas of NOT: - buying and selling True or False. Choosing to spend resources on one item rather than on the next-best option is an example of the concept of the invisible hand. - False

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Straighterline Microeconomics Exam's Q&A’s | Latest Update 2024/2025 | 100% PASS the statement "there's no such thing as a free lunch" arises from the economic concept of: - Answer -opportunity cost economics deals with the ideas of NOT: - Answer -buying and selling True or False. Choosing to spend resources on one item rather than on the next-best option is an example of the concept of the invisible hand. - Answer -False The production possibility curve relies on which of...

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Final Exams ECON 1580 Introduction to Economics Question 1 If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are: a. unrelated goods. b. superior goods. c. inferior goods. d. substitute goods. Question 2 A decrease in the demand facing a monopoly firm would _______ quantity and _______ price. The demand is inelastic. a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decreas...