Jill is unemployed and decides to spend the day at the spa. Jill's opportunity cost of spending a day at the spa is equal to:
a. the daily spa rate, any other monetary expenses, and the value of the best alternative activity in which Jill could be engaged
b. her wages had she been working
c. zero because she's unemployed
d. the daily spa rate and all other monetary expenses associated with her day at the spa such as lunch, drinks, tips, and transportation
a. the daily spa rate, any other monetary expenses, and the value of the best alternative activity in which Jill could be engaged
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As illustrated in the above figure, after 60 gallons are produced each hour at Ike's Ice Cream Kitchen, the ATC curve starts to slope upward. The ATC starts to slope upward because the
A) MC curve slopes upward. B) MC exceeds the ATC. C) distance between the ATC and the AVC curve is shrinking. D) None of the above answers is correct.
According to the law of demand, if the price of movie rentals decreases, ceteris paribus,:
a. the demand for movie rentals would increase. b. the quantity demanded of movie rentals would decrease. c. the quantity demanded of movie rentals would increase. d. the demand for movie rentals would decrease. e. the quantity demanded of movie rentals would not change.
Short-run movements in nominal exchange rates are primarily due to:
A. inflation differentials. B. changing prices of goods and services in the countries involved. C. changing expected rates of return on domestic and foreign assets. D. changes in exports.
Once the breakeven level of sales has been reached, each additional book sold earns ________ for the publisher.
A. a substantial, positive additional profit B. a small, negative additional profit C. nothing D. a decreasing, but positive additional profit