Economists believe:
A. every choice has an opportunity cost.
B. sunk costs are a figment of most people's imagination.
C. every choice has a sunk cost.
D. only some choices have an opportunity cost.
Answer: A
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Firms that operate in competitive product markets and choose to practice discrimination in hiring workers
a. will survive if they increase production and garner a larger market share. b. will eventually earn zero economic profits. c. will survive as long as they are willing to have a smaller market share. d. are likely to eventually go out of business.
If at a given exchange rate U.S. citizens wanted to buy more foreign bonds
a. the demand for dollars in the market for foreign-currency exchange would shift right. b. the demand for dollars in the market for foreign-currency exchange would shift left. c. the supply of dollars in the market for foreign-currency exchange shifts right. d. the supply of dollars in the market for foreign-currency exchange shifts left.