What is the opportunity cost of investing $10,000 of your own money into a business you wish to start?
What will be an ideal response?
The opportunity cost of your $10,000 is the monetary gain you forego because you cannot invest the money elsewhere.
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Stampp (1976) finds evidence to suggest that the Southern slave owners were operating at losses, not profits
Indicate whether the statement is true or false
When market failure is present,
a. democratic political decision-making can be counted on to improve the efficiency of resource allocation. b. market allocation will achieve idealized economic efficiency. c. the conditions implied by idealized efficient allocation of resources will be absent, but it does not follow that political action will improve the situation. d. democratic political decision-making will never be able to improve the efficiency of resource allocation.