Opportunity cost of an activity
a. Is known to all parties
b. Cannot be measured in dollar terms
c. May include both monetary costs and foregone incomes
d. Is known with all certainty
c
Economics
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Refer to Table 18.1. The opportunity cost of a glove in Russia is
A) 1/8 of a hat. B) 1/3 of a hat. C) 3 hats. D) 8 hats.
Economics
A severe freeze has once again damaged the Florida orange crop. The impact on the market for oranges will be a leftward shift of: a. the demand curve, as consumers try to economize because of the shortage
b. the demand curve and a rightward shift of the supply curve. c. the supply curve. d. the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price.
Economics