Which of the following statements about the concept of opportunity cost is true?
A. The opportunity cost of a decision only includes monetary outlays.
B. The opportunity cost of a decision is the next best foregone alternative.
C. All decisions have zero opportunity cost.
D. The opportunity cost of a college education is measured by the payments for tuition and books.
B. The opportunity cost of a decision is the next best foregone alternative.
Economics
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Refer to Figure 3-5. At a price of $0
A) there is a shortage of 8 units. B) there is a shortage of 0 units. C) there is a surplus of 8 units. D) there is a surplus of 0 units.
Economics
If the price of good X increases and this causes an increase in the demand for good Y, then goods X and Y are substitute goods
a. True b. False Indicate whether the statement is true or false
Economics