What is a seller's opportunity cost?
A seller's opportunity cost is the dollar value of the best alternative he forgoes when he parts with the object. It is the lowest dollar value that the seller will accept for parting with his good.
Economics
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At all the points above the midpoint on a linear demand curve, the value of price elasticity of demand is:
A) equal to one. B) zero. C) greater than one. D) less than one.
Economics
Refer to Table 4-8. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor supplied?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
Economics