Which of the following is an example of opportunity cost?
a. The Chinese food that you give up when you choose to eat Italian food.
b. The tuition that you pay to attend college.
c. For a professor of economics, the pleasure that he or she derives from teaching economics.
d. Sweets given up by a person who would never eat them even if he or she could.
e. The price paid for a ticket when you go for a movie.
a
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Crowding out due to government borrowing occurs when
A) lower interest rates increase private sector investments B) lower interest rates decrease private sector investment C) higher interest rates decrease private sector investment D) a smaller money supply increase private sector investment E) a smaller money supply decrease private sector investment
What is true about dominant strategies in the game in Scenario 13.16?
A) Gelato is a dominant strategy for both firms. B) Yogurt is a dominant strategy for Gooi only. C) Yogurt is a dominant strategy for Ici only. D) Yogurt is a dominant strategy for both firms. E) There are no dominant strategies in the above game.