Which of the following should not be considered as an opportunity cost of attending college?
a. Expenses that are the same whether or not you attend college
b. Lost salary
c. Business lunches
d. Interest that could have been earned on your money had you put the money into a savings account, rather than spent it on tuition
e. Opportunities sacrificed in the decision to attend college
a
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Oligopoly differs from perfect competition and monopolistic competition in that
A) demand and marginal revenue curves are more useful for analyzing oligopoly than they are for analyzing perfect competition and monopolistic competition. B) the concentration ratios of oligopoly industries are lower than they are for perfectly competitive and monopolistically competitive industries. C) barriers to entry are lower in oligopoly industries than they are in perfectly competitive and monopolistically competitive industries. D) because oligopoly firms often react when other firms in their industry change their prices, it is difficult to know what the oligopolist's demand curve looks like.
Answer the following statement true (T) or false (F)
1) The smaller the number of good substitutes for a product, the greater will be the price elasticity of demand for it. 2) The smaller the number of good substitutes for a product, the greater will be the price elasticity of demand for it. 3) Generally speaking, the demand for luxury goods is more price elastic than is the demand for necessities. 4) Generally speaking, the smaller the percentage of one's total budget devoted to a particular product, the more price elastic will be the demand for that product.