A firm built an inventory of 16-bit chips for $50,000 last year. However, the introduction of 32-bit chips lowers the market price for 16-bit chips and the inventory can only be sold for $40,000 now
What is the opportunity cost of the inventory of 16-bit chips? A) $50,000
B) $40,000
C) $10,000
D) $90,000
B
Economics
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A decrease in spending on new homes will, other things equal
A) increase aggregate demand. B) increase aggregate supply. C) decrease aggregate demand. D) decrease aggregate supply.
Economics
Refer to Table 5.1. Does either Andrea or Hector have an absolute advantage and if so, in what product?
A) Andrea only has an absolute advantage in producing bracelets. B) Hector only has an absolute advantage in producing bracelets. C) Andrea has an absolute advantage in producing both products. D) Hector only has an absolute advantage in producing tiaras.
Economics