The opportunity cost of producing a dining room table refers to the
a. quantity of money required to produce the table
b. quantity of money required to buy the table
c. quantity of other goods that must be given up to produce the table
d. quality of the table
e. use of lumber to produce the table
C
Economics
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Explain how the input and output markets are connected
What will be an ideal response?
Economics
If a production process generates pollution, then a competitive market will produce more of the good than is socially optimal because
A) firms take all costs into consideration. B) firms incur all costs of production but ignore some of them. C) firms ignore the costs of production that they do not incur. D) firms set price equal to social marginal cost.
Economics