What is meant by the term "opportunity cost"?
What will be an ideal response?
Opportunity cost is the highest-valued alternative that must be given up to engage in an activity.
Economics
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The use of a two-part price in a regulated natural monopoly
A) maximizes the deadweight loss. B) allows the firm to maximize profits. C) may make it possible for the firm to obey a marginal cost pricing rule and not go out of business. D) All of the above answers are correct.
Economics
Briefly discuss the determinants of demand other than price
What will be an ideal response?
Economics