Tim decides to spend four hours playing video games rather than attending his classes. His opportunity cost of playing games is
a. the value of the knowledge he would have received had he attended his classes.
b. the $50 he could have earned if he had worked at his job for those four hours.
c. the value of his time playing video games minus the value of attending classes.
d. nothing, since he valued playing video games more than attending classes.
a
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Refer to Table 5.1. Expected income for the first year is
A) highest in accounting. B) highest in mathematics. C) higher in English than in mathematics. D) higher in political science than in economics. E) highest in economics.
Tacit collusion is
a. collusion which is carried out without any explicit agreement among firms. b. collusion about tacits, rather than strategy. c. agreements which are sponsored by government. d. similar to pure competition.