The opportunity cost of any decision is the forgone value of the next best alternative that is not chosen

The output level at which a firm's long-run average total cost is minimized is known as its

a. profit-maximizing output level b. long-run marginal cost c. minimum efficient scale d. revenue maximization level e. equilibrium cost structure

The multiplier can be expressed as the ratio of the change in Y over the change in I

a. True b. False Indicate whether the statement is true or false