Jim bought a new bike and rides it every day, while his old one sits in the garage untouched. Jim’s opportunity cost of keeping the old bike is:
A. nothing, since he doesn't really value it anymore.
B. whatever he could sell it for.
C. whatever he would be willing to sell it for.
D. All of these are true.
B. whatever he could sell it for.
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Long Beach Island, off the coast of New Jersey, is considering building a system of satellite towers that will enhance communication during emergencies such as hurricanes
The efficient quantity of satellite towers is definitely the quantity of such that the A) marginal social cost is equal to the marginal social benefit. B) marginal private cost is equal to the marginal social benefit. C) marginal social cost is less than the marginal social benefit. D) marginal private cost is less than the marginal social benefit.
The marginal physical product of labor is the
A) total output divided by the number of labor employed. B) wage that must be paid to labor. C) value of sales divided by additional labor used. D) change in output generated by a unit change in labor.