question archive 21) If you eat at a sushi restaurant that charges $20 for its all you can eat sushi special, then the marginal cost of your 10th piece of sushi is A) zero
21) If you eat at a sushi restaurant that charges $20 for its all you can eat sushi special, then the marginal cost of your 10th piece of sushi is A) zero
Subject:SociologyPrice: Bought3
21) If you eat at a sushi restaurant that charges $20 for its all you can eat sushi special, then the marginal cost of your 10th piece of sushi is
A) zero.
B) $2.
C) $200.
D) $2,000.
22) A market in which profit opportunities are eliminated almost instantaneously is
A) a laissez-faire market.
B) a capitalist market.
C) a socialist market.
D) an efficient market.
23) If information is less costly and more easily available, then usually this
A) makes markets more efficient.
B) makes markets less efficient.
C) increases profit opportunities.
D) increases the opportunity cost of acquiring more information.
24) An efficient market is a market
A) in which everyone always gets what they want.
B) in which profit opportunities are eliminated almost instantaneously.
C) in which profits are always very high and persistent.
D) in which opportunity costs are zero.
25) Related to the Economics in Practice on page 5: According to the Economics in Practice, a majority of the $10 retail value of the Barbie doll
A) is needed to pay for the cost of the Taiwanese plastic used to make the dolls.
B) pays for the Chinese labor used to assemble the doll.
C) is captured in the United States.
D) goes to the Japanese manufacturer of the hair which is used for the dolls.
26) Related to the Economics in Practice on page 5: The opportunity cost to Mattel of having its Barbie doll assembled in China is
A) the low wages paid to Chinese workers.
B) the $2 export value the doll carries when it leaves Hong Kong.
C) the $8 of its $10 retail value which is captured in the United States.
D) having the Barbie doll assembled in the next best available location.
27) Resources are unlimited in a wealthy society.
28) The value of the best alternative foregone is the opportunity cost of making a decision.
29) Opportunity costs arise due to scarce resources.
30) Marginal cost refers to the incremental cost arising from a decision.
31) A market is considered efficient if profit opportunities remain continually available.
