Opportunity cost is:
A) The sum of the value of all the forgone activities.
B) The value of the second and third actions forgone.
C) The next best forgone opportunity.
D) The value of the action chosen, net of the value of the next best action.
E) None of the above.
Correct Answer:
Verified
Q2: Which statement is true?
A)The marginal benefit of
Q3: Opportunity costs:
A)Include both explicit and implicit costs.
B)Include
Q4: Suzie spends her Thursday afternoon sleeping.If she
Q5: A sunk cost:
A)Is the opportunity cost of
Q6: Elina is contemplating doing a degree.If she
Q7: Ceteris paribus means:
A)Only two variables are moving
Q8: Elina is contemplating doing a degree.If she
Q9: As an economist you observe that as
Q10: Ceteris paribus is used in economics:
A)To help
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