Opportunity costs would be increased by
a. firing all workers and moving the plant to China
b. removing all of the safety features from factory machinery
c. an across the board increase on all products
d. switching from producing one product to another
Ans: d. switching from producing one product to another
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Marginal cost is equal to
A) the total cost of a firm's production. B) total cost minus fixed cost. C) a cost that is not related to the quantity produced. D) the change in total cost that results from a one-unit increase in output. E) the change in fixed cost that results from a one-unit increase in output.
Refer to the Article Summary. Assuming the findings are correct and all else equal, people who do not shop at Trader Joe's can still benefit from living near the store, as is shown by the higher home values. As a result, the marginal social benefit from living near a Trader Joe's is ________ the marginal private benefit to those who shop at Trader Joe's.
A) less than B) equal to C) greater than D) unrelated to