When we choose a particular option, we must give up alternative options. The highest-valued alternative forgone is the ________ of the option chosen

Throughout U.S. history, entrepreneurial activity would occur when

(a) centralized economic planning was involved (b) distributed rights to profits were clear and protected (c) government intervention was pervasive (d) all of the above

A monopolist faces the inverse demand curve P = 60 - Q. It has variable costs of Q2 so that its marginal costs are 2Q, and it has fixed costs of 30. The monopoly's profit maximizing price is

A) 55. B) 50. C) 45. D) 40.