Both an NBA basketball player and a fast-food cook are going to graduate school. Who has a higher opportunity cost? Explain
What will be an ideal response?
The opportunity cost is the income lost while going to graduate school. An NBA basketball player typically earns much more than does a fast-food cook so that the opportunity cost of going to graduate school is likely to be higher for the NBA basketball player than for the fast-food cook.
Economics
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For which of the following projects would it likely be most difficult to acquire 1,000 acres of land?
A) growing wheat B) building an amusement park C) building storage sheds D) digging wells
Economics
A firm's private costs
A) include only its direct costs. B) is the private profit minus the producer surplus. C) include both direct and indirect costs. D) exclude the taxes on any externalities generated.
Economics