Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
B. answers the question "What ought to be?"<br />
C. predicts the consequences of alternative actions<br />
D. answers the question "What is?"<br />
Question 20 of<br />
5.0/ 5.0 Points<br />
20<br />
The principle that the cost of something is equal to what is sacrificed to get it is known as the<br />
__________ .<br />
A. marginal principle<br />
B. principle of opportunity cost<br />
C. principle of diminishing<br />
returns<br />
D. reality principle<br />
Part 1 of 1 -85.0/ 100.0 Points<br />
Question 1 of 205.0/ 5.0 Points<br />
Suppose that in a month the price of oranges increases from $.75 to $1. At the same time, the<br />
quantity of oranges demanded decreases from 100 to 80. The price elasticity of demand for<br />
oranges (calculated using the initial value formula) is __________ .<br />
A.<br />
0.75<br />
B. 0.6<br />
C. 0.25
Change language