The concept of opportunity cost is more applicable to society as a whole than it is for an individual household

Your financial advisor tells you that if you earn the historical rate of return on a certain mutual fund, then in three years your $20,000 will grow to $23,152.50 . What rate of interest does your financial advisor expect you to earn?

a. 5 percent b. 6 percent c. 7 percent d. 8 percent

Each additional unit of output produced by a unit of labor is valued at the price of the firm's output

a. always. b. when the firm is selling in a competitive market. c. when the firm has monopoly power in the market for its output. d. when the firm has monopsony power in the market for labor.