Ramona decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is
a. the value of the knowledge she would have received had she attended class.
b. the $24 she could have earned if she had worked at her job for those two hours.
c. the value of her nap minus the value of attending class.
d. nothing, since she valued sleep more than attendance at class.
a
Economics
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Eli Whitney III receives a patent for the rayon gin, a product for which there are no close substitutes. Eli will maximize his profit when
a. MR is maximized b. MR = MC c. MR > MC d. MR < MC e. P = MR > MC
Economics
Increasing opportunity cost tends to occur if
a. management is disorganized. b. markets do not equate money and opportunity cost. c. production is inefficient. d. resources are scarce. e. resources are specialized.
Economics