The opportunity cost of going to college is best measured by the
a. cost of room and board
b. cost of tuition
c. cost of room and board plus tuition
d. income forgone by not working, plus tuition
e. income forgone by not working, plus tuition and room and board
D
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The above table gives the demand schedule for Billy Bob's BBQ ribs. If the price of a pound of ribs falls from $3 per pound to $1 per pound, what is the change in Billy Bob's total revenue?
A) $42 B) $24 C) -$2 D) -$24
Gdp
a. is used to monitor the performance of the overall economy but is not the single best measure of a society's economic well-being. b. is used to monitor the performance of the overall economy and is the single best measure of a society's economic well-being. c. is not used to monitor the performance of the overall economy but is the single best measure of a society's economic well-being. d. is not used to monitor the performance of the overall economy and is not the single best measure of a society's economic well-being.
Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
In what way does long-run equilibrium under monopolistic competition differ from long-run equilibrium under perfect competition?
A) Firms in perfect competition achieve allocative efficiency while firms in monopolistic competition achieve brand efficiency. B) Firms in perfect competition achieve productive and allocative efficiency while firms in monopolistic competition achieve neither allocative nor productive efficiency. C) The only difference is that in a monopolistically competitive market there are many brands to choose from while in a perfectly competitive market there is one standard product. D) Firms in perfect competition achieve productive efficiency while firms in monopolistic competition achieve allocative efficiency.