ECO 304K Study Guide - Quiz Guide: Ceteris Paribus, Equilibrium Point, Demand Curve

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ECO 304K Full Course Notes
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Of resource scarcity. c. of the law of diminishing returns. d. of ceteris paribus. e. none of the above: a simple economy produces only two goods: doughnuts and bongo drums. It takes 1 worker to produce 5 doughnuts per day and 1 worker to produce 1 drum. What is the opportunity cost of a drum? a. What happens to the demand curve for baconators? a. Shifts left c. changes its slope d. changes its curvature e. does not change: suppose that market supply and demand are given by the table, while. c. d. e. there is no equilibrium point in this market.

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