Economists believe:
A. every choice has a sunk cost.
B. only some choices have an opportunity cost.
C. every choice has an opportunity cost.
D. sunk costs are a figment of most people's imagination.
C. every choice has an opportunity cost.
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The present value of a stream of future revenues varies ________ with the future revenues and ________ with the interest rate
A) inversely; inversely B) directly; directly C) inversely; directly D) directly; inversely
Say the supply of a product falls while the demand stays the same. This causes the free market ________
price to increase and equilibrium quantity to increase price to increase and equilibrium quantity to decrease price to decrease and equilibrium quantity to increase price to decrease and equilibrium quantity to decrease