What is an opportunity cost?
What will be an ideal response?
An opportunity cost is what you sacrifice to get something.
Economics
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When factors of production are not fixed (as in the long run) and labor immigrates, capital will:
a. remain fixed because capital is never mobile. b. increase in the capitalintensive industry. c. move to the higher productivity use in the labor intensive industry until returns are again equalized. d. become idled as owners of capital seek more profitable opportunities.
Economics
When those on the informed side of a market self-select, the problem of __________ occurs
a. natural selection b. external benefits c. adverse selection d. the winner's curse e. the common pool
Economics