Opportunity cost is
A. the value of the next best alternative which was given up.
B. the same thing as the money price of a good.
C. based on the intrinsic value of the good itself.
D. the combined value of all the alternatives not selected.
Answer: A
Economics
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In the above figure, if this natural monopolist were unregulated, the profit maximizing firm would sell the product at the price
A. A. B. B. C. C. D. F.
Economics
The income effect of a wage rate increase should lead to
A. a decrease in the quantity of labor supplied and a decrease in leisure. B. an increase in the quantity of labor supplied and an increase in leisure. C. an increase in the quantity of labor supplied and a decrease in leisure. D. a decrease in quantity of labor supplied and an increase in leisure.
Economics