Opportunity cost means the
A) accounting cost minus the marginal cost.
B) highest-valued alternative forgone.
C) accounting cost minus the marginal benefit.
D) monetary costs of an activity.
B
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Why has the federal government generally run budget deficits over the past several decades?
A) Political pressures make expenditures hard to control. B) The federal government's control of the money supply enables it to borrow indefinitely without becoming unable to find creditors. C) The public has accepted the notion that budget deficits can be good for the economy. D) A combination of the three factors mentioned above.
Refer to Scenario 17.2. If the threshold educational level y* is set at 20,
A) only individuals in Group K will attain it. B) only individuals in Group M will attain it. C) individuals in both groups will attain it. D) no individuals will attain it. E) some fraction of individuals in each group will attain it.