If you have a choice of consuming either two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is:
a. two apples.
b. three oranges.
c. two apples and three oranges.
d. two apples or three oranges, whichever you value more.
e. the difference in the prices of the three options.
d
Economics
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Economic theory states that the optimal depletion rate will
a. Imply the extraction of all of a resource now as long as interest rates are positive b. Increase as the discount rate is raised c. Decrease as the discount rate is raised d. Always ignore benefits to future generations e. Always create excessive pollution
Economics
An English auction is usually a(n) ________ auction
A) sealed-bid first-price B) sealed-bid second price C) penny D) open outcry
Economics