The opportunity cost of attending college includes the cost of

When a firm experiences economies of scale, its [value1] cost curve slopes [value2] as output increases.

If as output increases average product increases, then Choose all that apply.

The figure above shows the market for milk. If the efficient quantity of milk is produced, the consumer surplus is $[value]. Enter a value. Do not include the “$”.

The shutdown point occurs at the level of output for which the [value1] curve is [value2].

                                                                   Firm 1 ​ ​ Sells Gives away ​ Sells 1: $12: $1 1: $32: $4 Firm 2 ​ ​ ​ ​ Gives away 1: $42: $5 1: $22: $2 Two software firms have developed an identical new software application. They are debating whether to give the new app away free and then sell add-ons or sell the application at $30 a copy. The payoff matrix is above and the payoffs are profits in millions of dollars. The Nash equilibrium in this game is Firm 1 [value1] and Firm 2 [value2] the software application.

The primary characteristics of game theory include Choose all that apply.

Quantity of bottled water Marginal utility from bottled water Quantity of hamburgers Marginal utility from hamburgers 1 35 1 20 2 25 2 18 3 16 3 17 4 10 4 10 5 5 5 8 6 4 6 7 Given the data in the above table, income of $10, a price of $1 for a bottle of water and $2 for a hamburger. As a result you will consume [value1] bottles of water and [value2] hamburgers.

Suppose firms can produce coffee or tea. If the price of tea increases today and consumers expect coffee to become more expensive next month, the equilibrium price of coffee [value1] and the equilibrium quantity of coffee [value2].

The more ________, the larger is the amount of the tax on the good that the ________ pays.