An example of opportunity cost:
a. is the Chinese food that you gave up when you chose to eat Italian food.
b. is the tuition that you pay to attend college.
c. for a professor of economics is the pleasure that he or she derives from teaching economics.
d. is sweets given up by a person who would never eat them even if he or she could.
e. is the amount spent on buying movie tickets.
a
You might also like to view...
A nation's population was 250 million last year and is 255 million this year. If its real GDP was $8.5 trillion last year and is $8.8 trillion this year, what is its growth rate of real GDP per person?
What will be an ideal response?
Any policy change that results in a Pareto-superior allocation
A) will increase welfare under certain conditions. B) must increase welfare. C) will leave welfare unchanged. D) will have an unpredictable effect on welfare.