The opportunity cost of doing something can be defined as the value of the next-best alternative
Indicate whether the statement is true or false
TRUE
Economics
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For a normal good, such as steak,
a. quantity demanded increases as its price falls. b. the income and substitution effects work in opposite directions c. the income effect is negative d. the income effect reinforces the substitution effect e. the supply curve is vertical
Economics
In the case of a beneficial externality
a. marginal private cost is below marginal social cost. b. marginal social cost is above marginal private cost. c. marginal social cost and marginal private cost are equal. d. the free market price is below the socially efficient price.
Economics