Opportunity cost is best defined as:
a. the sum of all alternatives given up when a choice is made.
b. the money spent once a choice is made.
c. the highest-valued alternative given up when a choice is made.
d. the difference between the cost price and the selling price of a good.
e. the cost of capital resources used in the production of additional capital.
c
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When good weather speeds the check-clearing process, float tends to ________ causing the Fed to initiate ________ open market ________
A) decrease; defensive; sales B) decrease; dynamic; sales C) decrease; defensive; purchases D) increase; dynamic; purchases
When the price of a pound of oranges is $1.00, 7500 pounds of oranges are demanded. When the price of a pound of oranges decreases to $0.80, 10,000 pounds of oranges are demanded. In this price range the demand for oranges is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.