Exhibit 11.5

-Refer to Exhibit 11.5,which shows the demand and supply curves of a resource.The opportunity cost of the resource in equilibrium equals _____
A)$0.
B)$120.
C)$1,000.
D)$300.
E)$1,300.

Question

Exhibit 11.5
 
-Refer to Exhibit 11.5,which shows the demand and supply curves of a resource.The opportunity cost of the resource in equilibrium equals _____
A)$0. 
B)$120. 
C)$1,000. 
D)$300. 
E)$1,300.

Quizplus · Accepted Answer

The opportunity cost of a resource in equilibrium is equal to the price at which the quantity demanded equals the quantity supplied. In this case, it is $1,000.

Exhibit 11.5 -Refer to Exhibit 11.5,which Shows the Demand and Supply Curves