To hire an input, a business owner must pay a price that
A) covers the transportation cost of the input owner.
B) reflects the business owner's lowest-cost alternative activity.
C) matches the best opportunity cost of the input owner.
D) gives the input owner enough money to buy the assets of the business.
E) reflects the business owner's best alternative activity.
Correct Answer:
Verified
Q7: For supply decisions, marginal
A) cost is measured
Q8: Which statement is true?
A) For demand, marginal
Q9: The marginal benefit of a supply choice
Q10: Marginal opportunity cost
A) increases as you supply
Q11: The opportunity cost of hiring your lazy
Q13: Which statement is false?
A) For demand, marginal
Q14: As your hourly wage rises, your
A) marginal
Q15: Julia grows roses and tulips in her
Q16: To hire or purchase inputs, a business
Q17: The opportunity cost of any supply decision
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents