Opportunity cost is defined as
A. the value of the next-best alternative that must be sacrificed to attain a want.
B. the return from a given unit of labor.
C. the least-costly means to produce output.
D. the value of the output currently received by an individual or a corporation.
Answer: A
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Holding everything else constant, if the nominal interest rate decreases, the interest paid on the debt will ________ the debt-to-GDP ratio, and nominal GDP growth will ________ the debt-to-GDP ratio
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Use the information in the table below.Total salesIndustry 1Firm 1$5.3mFirm 2$199,000Firm 3$2.6mFirm 4$850,000What is the Herfindahl index for Industry 1?
A. 3481 B. 9801 C. 4407 D. 30,798
When demand changes, there is a ____, whereas when the price changes, there is a ____. Question 18 options:
A. change in the quantity demanded; change in demand B. shift in the demand curve; movement along the demand curve C. movement in the quantity demanded; shift in buying plans D. movement along the demand curve; shift in the demand curve
Which of the following could explain why the demand for table salt is inelastic?
A) Salt is a luxury good. B) Salt is a rare commodity. C) Households devote a very small portion of their income to salt purchases. D) Salt is a luxury for high-income consumers but a necessity for low-income consumers.