The opportunity cost of any choice:
a. is the value of all other alternatives.
b. includes only explicit costs and not implicit costs.
c. is the value of the next best alternative.
d. includes only implicit costs and not explicit costs.
Ans: c. is the value of the next best alternative.
Economics
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If the shut down rule, p < AVC, is the same in the short run and the long run, explain why the shutdown prices may be different
What will be an ideal response?
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