Which of the following is an explicit cost in Jim's business venture?
A) the salary Jim could have earned at another job
B) the interest Jim does not earn because he invested his savings in his business
C) the wages Jim pays his workers
D) Jim's normal profit
E) Answers A, B, and D are correct.
C
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Following the successful launch of the Apple Watch in 2015, companies such as Samsung, Sony, and LG have all developed products to compete with the Apple Watch. The smartwatches introduced to compete with the Apple Watch would be considered A) complements to the Apple Watch. B) substitutes for the Apple Watch. C) normal goods compared to the Apple Watch. D) inferior goods compared to the Apple Watch.
Which of the following is most likely to be overconsumed?
A. Free water B. Tap water C. Sparkling water D. Bottled water