An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is
A) zero, because the person doesn't have a job.
B) the cost of bait, any other monetary expenses, and the value of the individual's wages while he was working.
C) the cost of bait and any other monetary expenses.
D) the cost of bait, any other monetary expenses, and the value of the best alternative use of the individual's time.
D
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Economies of scope exist when
A) the total cost of production falls as the output increases. B) a firm hires specialized resources to produce a range of goods and services. C) a firm uses outsourcing to produce a good or service. D) the cost of producing a unit of a good falls as its output increases.
Economists believe that people are:
A. generally risk-seekers. B. generally risk-averse. C. always risk-averse. D. always risk-seekers.
Each firm under monopolistic competition produces a unique product which does not have a close substitute
a. True b. False Indicate whether the statement is true or false
When a seller expects the price of its product to decrease in the future, the seller's supply curve shifts left now
a. True b. False Indicate whether the statement is true or false