Opportunity cost
A) can only be measured as a paid cost.
B) is always the value of the next best forgone opportunity.
C) does not exist since there are no receipts.
D) is always the lowest valued alternative.
Answer: B
Economics
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For a monopolistic competitor, marginal revenue at its short-run equilibrium price and quantity equals:
a. price. b. marginal cost. c. average cost. d. average revenue.
Economics
If Congress votes to increase government purchases and at the same time decrease personal income taxes, they
a. have decided to balance the federal budget. b. have voted for the proper policy to counteract a recessionary gap. c. have voted for the proper policy to counteract an inflationary gap. d. are trying to achieve a federal budget surplus.
Economics