The term opportunity cost refers to
A. The minimum price that a producer will accept for a product.
B. The most a consumer is willing to exchange to get an item.
C. The slope of the demand line for a consumer or slope of the supply line for the producer.
D. All of the choices are correct.
Answer: D
Economics
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The outcome of the game in the figure show predicts that Nike will earn profits of:
A. $2 million.
B. $4 million.
C. $10 million.
D. $15 million.
Economics
Costs that are "fixed":
A. are those that will never change. B. depend on what timescale you are thinking. C. vary with output, but not with resource prices. D. None of these is true.
Economics