Opportunity cost is the
A. cost incurred when one fails to take advantage of an opportunity.
B. cost incurred in order to increase the availability of attractive opportunities.
C. cost of the best option forgone as a result of choosing an alternative.
D. drudgery of the undesirable aspects of an option.
Answer: C
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Refer to the table above. Country A has an absolute advantage in
A) beer. B) wine. C) both beer and wine. D) neither beer nor wine.
Polly estimates that if she spends another $10,000 to upgrade the computer equipment at her tax preparation company, the number of tax returns she can handle will increase from 200 to 280 . She charges an average of $50 to do each tax return. The MRP per dollar of this $10,000 upgrade is
a. $10,000 b. 25 percent c. $4,000 d. 100 percent e. 40 percent