You have the choice of going on vacation to Florida for one week, staying at work for the week, or spending the week doing fix-up projects around your house. If you decide to go to Florida, the opportunity cost of the trip is
A) working and doing fix-up projects.
B) working or doing fix-up projects, depending on which you would have done otherwise.
C) working, because you would be giving up income.
D) nothing because you will enjoy the trip to Florida.
B
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Missouri can produce 10,000 tons of pecans per year or 5,000 tons of pears per year. Washington can produce 12,000 tons of pecans per year or 48,000 tons of pears per year
If these two states were to engage in trade, which of the following is TRUE? A) Missouri would specialize in pear production and trade pears to Washington pecans. B) Missouri would specialize in pecan production and trade pecans to Washington for pears. C) Washington would produce both pears and pecans and Missouri would produce neither. D) Half of both Washington's and Missouri's resources would be devoted to pears and the other half to pecans because that is the comparative advantage.
Consumers benefit from monopolistic competition by
A) paying the same price as everyone else. B) being able to purchase high-quality products at low prices. C) paying the lowest possible price for the product. D) being able to choose from products more closely suited to their tastes.