The money we pay for a good or service
a. generally exceeds its opportunity cost.
b. generally equals its opportunity cost.
c. has no part in determining its opportunity cost.
d. generally equals two-thirds of its opportunity cost.
e. generally is only part of its opportunity cost.
E
Economics
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According to the law of diminishing returns, an additional unit of
A) capital produces more output than an additional unit of labor. B) labor decreases output. C) labor produces more output than the previous unit. D) labor produces less output than the previous unit.
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A monopoly price reflects a good's marginal utility
a. True b. False Indicate whether the statement is true or false
Economics