The opportunity cost of going to college might best be described as
A) the money that must be paid in order to attend college.
B) the lowest—valued alternative use of the student’s time.
C) the highest—valued alternative use of the student’s time.
D) the value that the student attaches to not working.
C) the highest—valued alternative use of the student’s time.
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For a monopsony buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit. B) is less than the average expenditure per unit. C) equals the average expenditure per unit. D) any of the above could be true.
Splitting up a monopoly is often justified on the grounds that
a. consumers prefer dealing with small firms b. small firms have lower costs c. competition is inherently efficient d. nationalization is a less preferred option e. monopolies are inevitable and desirable