1. (TCO 1) What is the economic meaning of the expression that \"There is no suc

Question

1. (TCO 1) What is the economic meaning of the expression that "There is no such thing as a free lunch?" (Points : 3)       It refers to "free-riders," who do not pay for the cost of a product but who receive the benefit from it.
      It means that economic freedom is limited by the amount of income available to the consumer.
      It means that there is an opportunity cost when resources are used to provide "free" products.
      It indicates that products only have value because people are willing to pay for them.

2. (TCO 1) The opportunity cost of constructing a new public highway is the (Points : 3)       money cost of hiring contractors and construction workers for the new highway.
      value of other goods and services that must be sacrificed to construct the new highway.
      expected cost of constructing the new highway in a future year.
      value of shorter driving times and distances when the new highway is completed.

Explanation / Answer

It means that there is an opportunity cost when resources are used to provide "free" products

value of other goods and services that must be sacrificed to construct the new highway

improving labor productivity.

getting more of X requires getting less of Y.

Money

socialism

resource markets

individuals may obtain resources, organize production, and sell the resulting output in any legal way they choose

In what ways will progress be promoted?

give incentives for individuals to make the best use of those resources.

the demand curve has shifted to the right.

below equilibrium with the result that quantity supplied exceeds quantity demanded.
the quantity demanded will exceed the quantity supplied.
An increase in the price of A

shift the demand curve for Product Y to the right.
elastic.

zero

increase the supply of the software

in the long run all resources are variable, while in the short run at least one resource is fixed.
have inelastic demand and students who use financial aid have elastic demand.
of wages foregone by the owner of the firm.
$500,000 and an economic profit of $200,000.
the amount of all resources can be varied.

there is at least one fixed factor of production.
$140,000

spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time.

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