Scenario 14-3
Victor is the recipient of $1 million from a lawsuit. Victor decides to use the money to purchase a small business in Florida. His business operates in a perfectly competitive industry. If Victor would have invested the $1 million in a risk-free bond fund, he could have earned $100,000 each year. After he bought the small business, Victor quit his job as a market analyst with Research, Inc., where he used to earn $75,000 per year.
-Refer to Scenario 14-3. What is Victor's opportunity costs of operating his new business?
A) $25,000
B) $75,000
C) $100,000
D) $175,000
Correct Answer:
Verified
Q231: Figure 14-4
In the following figure, graph (a)
Q232: The long-run market supply curve in a
Q233: If there is an increase in market
Q234: Figure 14-4
In the following figure, graph (a)
Q235: When some resources used in production are
Q237: When new firms enter a perfectly competitive
Q238: Figure 14-4
In the following figure, graph (a)
Q239: Consider a competitive market with a large
Q240: Which of the following represents the firm's
Q241: Figure 14-7
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