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Black_prince [1.1K]
3 years ago
6

You can spend $100 on either a new economics textbook or a new CD player. If you choose to buy the new economics textbook, the o

pportunity cost is:A)$100.B)your enjoyment of the new CD player.C)both the $100 and the your enjoyment of the new CD player.D)impossible to
Business
1 answer:
Fed [463]3 years ago
4 0

Answer: Option (B) is correct.

Explanation:

Given that,

Cost of new economics textbook = $100

Cost of new CD player = $100

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

As the cost of both the products are identical, so the opportunity cost of buying new economics textbook is the enjoyment of the new CD player.

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With only two goods, if the income effect is in the same direction as the substitution effect then the good is ____.
Leya [2.2K]

Answer:

Normal good

Explanation:

Income effect Is change in quantity demanded when the consumers purchasing power change as a result of a change in real income.

Substitution effect is when quantity demanded falls as a result of rise in price of a good which leads consumers to purchase cheaper alternatives.

A normal good is a good whose demand increases as income increases.

If the price of a normal good falls, the real purchasing power of the consumer increases and the consumer buys more of the good. Also, the consumer substituites from more expensive alternative goods to the more cheap normal good. The income and substitution effect both move in the same direction.

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b. Less than the effective interest rate

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As the note is noninterest-bearing note, the stated discount rate on this loan is less than the effective interest rate.

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Shkiper50 [21]

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A tax levied on inherited money is known as a/an _______ tax. 
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