Assuming prices and wages are fully flexible, the aggregate supply curve will be:

Which of the following is not a characteristic of the broiler chicken industry?

A) A significant degree of industry concentration, with the four largest firms producing 40 percent of the industry's output. B) A significant degree of real and subjective product differentiation. C) An inability of individual firms to have any influence market price. D) A significant amount of advertising.

Tim decides to spend four hours playing video games rather than attending his classes. His opportunity cost of playing games is

a. the value of the knowledge he would have received had he attended his classes. b. the $50 he could have earned if he had worked at his job for those four hours. c. the value of his time playing video games minus the value of attending classes. d. nothing, since he valued playing video games more than attending classes.