The opportunity cost of any good or service is the
a. actual dollar cost of doing or making it.
b. highest price that a seller can get for the item.
c. value of the next best alternative.
d. cost associated with a value judgment.
e. cost of producing the good or service.
c
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Economists who support market-based reforms for health care believe that increased competition among providers of health care would ________ costs and ________ economic efficiency
A) increase; increase B) decrease; increase C) increase; decrease D) decrease; decrease
Empirical tests of the HO model have had mixed results. One explanation for this is that
A) the Ricardian model is more detailed. B) it is difficult to measure factor endowments. C) it does not explain the effects of trade on income. D) it assumes that countries have different technologies.