The opportunity cost of any action is
A) all the possible alternatives given up.
B) the highest-valued alternative given up.
C) the benefit from the action minus the cost of the action.
D) the dollars the action cost.
B
Economics
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Utility is most closely defined by which of the following terms?
a. Useful. b. Worthiness. c. Necessary. d. Satisfaction.
Economics
If Bertrand price competitors incur recurring fixed costs, it will still be a Nash equilibrium for price to equal marginal cost.
Answer the following statement true (T) or false (F)
Economics