Opportunity Cost:
A. only includes explicit, out of pocket expenses.
B. is the value of your next best alternative.
C. is never provided in dollar values.
D. would not include lost wages from working when deciding to take a vacation.
B. is the value of your next best alternative.
Economics
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When production of a good results in an external cost, the unregulated competitive market equilibrium quantity is
A) the efficient level of output. B) greater than the efficient level of output. C) not zero but is less than the efficient level of output. D) unattainable. E) zero.
Economics
Define utility. What are individual units of utility called?
What will be an ideal response?
Economics