An "opportunity cost" may be described as:

a. the value of what must be gtiven up
b. the opporrtunity foregone
c. the value of the next best alternative
d. the correct measure of cost
e. all of these are correct

a

Economics

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Comment on the following statement: "A firm with market power is able to charge any price it likes."

What will be an ideal response?

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If the CPI in 2004 is 200, and in 2005 the CPI is 180, the rate of inflation from 2004 to 2005 is

A) 20%. B) 10%. C) 0%. D) -10%.

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