For the law of supply, what does “Qs” stand for?

Which of the following statements is FALSE about opportunity cost?

A) Cost is always foregone opportunity. B) Opportunity cost is the next best alternative. C) When a person buys two items, the concept of opportunity cost applies even though she can afford to buy both items. D) Opportunity cost exists only for goods with monetary values.

Firm managers should use inputs at levels where the:

A. Value marginal product of labor equals wage. B. Marginal benefit equals marginal cost and value marginal product of labor equals wage. C. Marginal benefit equals marginal cost. D. Price equals marginal product.