If a firm that had to pay an explicit rent of $5,000 a month bought its own building, at which point it could rent that building to another firm for $4,500 a month, it faces a lower opportunity cost of occupying the building when it owns it

A parking lot in a busy downtown district is experimenting with its pricing strategy to figure out where it should price its spaces. Which of the following strategies should it implement?

a. Decrease parking rates if the lot fills up much earlier than 9am b. Increase parking rates if the lot doesn't fill up until much after 9am c. If the lot fills up right around 9am the price is right d. All of the above

The opportunity cost of investing in a new lithotripter (a machine that pulverizes kidney stones with sound waves) is

a. defined by the dollar cost of the equipment. b. the same for every health care provider. c. measured by the difference between the expected revenues from selling the services of the lithotripter and the invoice cost of the machine. d. defined by the next best use of the money invested in the equipment. e. impossible to calculate.