The opportunity cost of attending college is likely to include all except which of the following?
a. the cost of required textbooks
b. tuition fees
c. the income you forego in order to attend classes
d. the cost of haircuts received during the school term
d
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Wilbur's Bean Emporium serves barbeque sandwiches over the lunch hour. The marginal cost of t he 50th barbeque sandwich is $1.50. The average total cost of the 49th sandwich is $1.75. For Wilbur's Bean Emporium, __________ when output is 50 sandwiches.
Fill in the blank(s) with the appropriate word(s).
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. Which of the following is true? a. Adam has an absolute advantage in oranges and a comparative advantage in apples. b. Karl has an absolute advantage in oranges and a comparative advantage in oranges. c. Karl has an absolute advantage in both apples
and oranges. d. Karl has an absolute advantage and a comparative advantage in apples.