Susan can bake 200 cookies in an hour or watch her favorite TV show. If she chooses to watch her show, her opportunity cost is
a. 200 cookies
b. 100 cookies
c. 150 cookies
d. Need more information
a
You might also like to view...
Suppose your tastes over consumption and leisure have constant elasticity of substitution. I observe that, when your wage went up, you continued to work the same number of hours. From this, I can conclude that you have Cobb-Douglas tastes.
Answer the following statement true (T) or false (F)
Refer to the scenario above. If Joseph prefers more money to less, ________
A) he will not accept any offer made by Phillip B) he will always accept any offer made to him C) Phillip will offer the lowest possible amount to Joseph D) he will accept the offer only if Phillip pays him an equal share of the money
Rent controls are examples of which of the following?
a. price ceilings b. price floors c. equilibrium prices d. subsidies
The future value of a deposit in a savings account will be larger
a. the longer a person waits to withdraw the funds. b. the higher the interest rate is. c. the larger the initial deposit is. d. All of the above are correct.