Suppose a consumer is torn between buying a Chevy Tahoe or a Ford Expedition, each selling for $30,000. He eventually decides on the Tahoe. What's his opportunity cost?
A) $30,000
B) $30,000 plus taxes, tags, insurance, etc.
C) The satisfaction he would have experienced owning the Ford Expedition
D) The frustration he will face owning the Chevy Tahoe
E) B, C, and D above.
C
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Featherbedding means that
A) company management receives a cut from the collected union wages. B) employers are force to hire apprentices. C) employers are forced to hire more workers than they want to. D) a union can join a sympathy strike.
Assume a price ceiling is imposed at the current equilibrium price in the market for wheat. If the supply of wheat then decreases as a result of bad weather, a. a surplus of wheat will be created
b. a shortage of wheat will be created. c. the quantity of wheat traded remains the same. d. the quantity of wheat supplied will increase.