You can either read a book, get something to eat, or take a nap. The opportunity cost of getting something to eat is _____
a. the cost of what you eat.
b. the difference between the costs of the book and the food.
c. the difference between the opportunity costs of reading and sleeping.
d. the net benefit of sleeping.
e. impossible to determine because the most preferred alternative is not known.
e. impossible to determine because the most preferred alternative is not known.
Economics
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Refer to the figure above. What is the consumer surplus in the market?
A) $60 B) $90 C) $120 D) $160
Economics
Which of the following could be considered an example of a monopsony?
a. a professional sports league b. the only auto repair shop in a small town c. a single mining firm that was the only employer in the area d. all of the above
Economics