ECON 205 final Questions and Answers Distinction Level 2023

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Which of the following can increase the opportunity cost of attending college for students? - -. An increase in wages paid to workers without college degrees -Suppose a small economy produces only ... pizzas and jeans. If resources are used inefficiently in the economy, - -Suppose a small economy produces only pizzas and jeans. If resources are used inefficiently in the economy, -. An increase in the price of steel increases the cost of producing cars. The impact in the market for cars will be - -. upward pressure on the price of cars -. Dell cuts the price of its computers by 25%. As a result, the quantity demanded increases by 50%. The price elasticity of demand for Dell computers is - --2 -. If economic profit is zero for a business firm this year, - -the firm's total revenue will equal the total costs of all inputs used in the business, including the value of nonpurchased inputs supplied by owners of the firm. [Show More]

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