The value of the next best alternative defines ___________________.
Fill in the blank(s) with the appropriate word(s).
opportunity cost
Economics
You might also like to view...
Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Nigel's opportunity cost of producing one hair pin is
A) 1/3 of a bandana. B) 2.5 bandanas. C) 3 bandanas. D) 10 bandanas.
Economics
Figure 7-9
At a price of $10, the price elasticity of the demand curve depicted in is
a.
positive.
b.
approximately equal to -0.1.
c.
approximately equal to -1.
d.
approximately equal to -2.
Economics