Which of the following is an opportunity cost of attending college?
A. the income you could have earned if you didn't attend college
B. the education you gain from attending college
C. the cost of the food that you consume while you are attending college
D. the cost of your apartment or dorm
Answer: A
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If the exchange rate between the yen and the dollar changed from 110 yen = $1 to 100 yen = $1, then
a. the dollar depreciated b. U.S. goods will become more expensive to the Japanese c. the dollar appreciated d. Japanese goods will become less expensive to U.S. citizens e. the demand for dollars will decrease
If there is an economic profit in monopolistic competition, there is
a. an incentive for new firms to enter b. an incentive for existing firms to increase prices c. at least one firm engaged in advertising d. an incentive for existing firms to decrease prices e. the absence of product differentiation
Data from the Bureau of Labor Statistics show that consumer spending on transportation is only slightly higher than consumer spending on food and beverages
a. True b. False Indicate whether the statement is true or false
These are the cost and revenue curves associated with a monopolistically competitive firm. 
According to the graph shown, the monopolistically competitive firm:
A. will earn profits equal to area B. B. will cause deadweight loss equal to area C. C. should leave the industry in the long run. D. should act like a monopolist in the short run.