The concept of opportunity cost is based on the principle of
A. scarcity.
B. consumption.
C. need.
D. profit.
Answer: A
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The present value of a given payment in the future ________ when the interest rates fall
A) decreases B) reverts to the original value C) increases D) remains the same
If the price of a video download is below its equilibrium price, the quantity supplied is ________ than the quantity demanded
If the price of a video download is above its equilibrium price, the quantity supplied is ________ than the quantity demanded. A) less; greater B) greater; less C) less; less D) greater; greater
If the interest rate is 10 percent, the present value of $400 to be received one year from today is about
A) $440. B) $390. C) $364. D) $377.
Use the above figure. Which graph depicts a normal good?
A) A B) B C) C D) D