Refer to the accompanying table. Julia's opportunity cost of making a pie is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 60 cakes.
B. 5/6 of a cake.
C. 6 cakes.
D. 6/5 of a cake.
Answer: B
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Refer to the scenario above. What is the value of having the extended warranty during the second year of ownership?
A) $16.52 B) $24.79 C) $40 D) $48.75
Costs that remain the same no matter what changes occur in usage or sales are
a. variable costs b. semivariable costs c. fixed costs d. indirect costs e. hidden costs
Which of the following affects demand for money?
A) prices B) nominal income C) interest rate D) all of the above E) none of the above
Economic efficiency is achieved when there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and
A) economic surplus plus consumer surplus equals producer surplus. B) consumer surplus plus producer surplus is maximized. C) economic surplus is minimized. D) the difference between consumer surplus and producer surplus is maximized.