If the opportunity cost of time is $20 per hour, and an individual spends 20 hours in commuting every month, his opportunity cost of commute is:

Refer to Figure 3-4. If the current market price is $15, the market will achieve equilibrium by

A) a price increase, increasing the quantity supplied and decreasing the quantity demanded. B) a price decrease, decreasing the supply and increasing the demand. C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded. D) a price increase, increasing the supply and decreasing the demand.

The existence of antitrust law is one reasons economists assume that most strategic behavior in the marketplace is noncooperative

a. True b. False Indicate whether the statement is true or false