If Joey goes surfing for four hours instead of earning $10 per hour for those four hours, his opportunity cost is
A) the good time spent surfing.
B) the cost of gasoline used to get to the beach.
C) the travel time to the beach.
D) $40.
D
Economics
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Refer to the scenario above. The nominal GDP of the country in Year 1 was ________
A) $280,000 B) $2,200,000 C) $1,400,000 D) $540,000
Economics
Suppose the marginal cost of producing a good falls so that the marginal social cost curve shifts downward. Then the efficient quantity to produce of that product
A) increases. B) does not change. C) decreases. D) could increase, stay the same, or decrease.
Economics