In order to survive in a market, a firm needs to
A. produce a product demanded by consumers at the lowest possible price while covering costs.
B. charge higher prices for its products than its rivals and revise prices upward periodically.
C. make extensive use of available technology.
D. hire more capital and less labor.
Answer: C
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Opportunity cost is defined as
A) the highest valued alternative that must be given up to engage in an activity. B) the benefit of an activity. C) the total value of all alternatives that must be given up to engage in an activity. D) the monetary expense associated with an activity.
During the housing boom of the mid-2000s, many lenders made mortgage loans to homebuyers who typically had flawed credit histories which made these borrowers high credit risks
These homebuyers were typically charged interest rates that were initially low but would rise after a period of years to very high rates. Homeowners who took out these types of mortgages are often referred to as A) payday borrowers. B) default-risk intermediaries. C) subprime borrowers. D) FHA customers.