The cost associated with foregoing the opportunity to employ a resource in its best alternative use is called:
A. a sunk cost.
B. an opportunity cost.
C. a fixed cost.
D. total cost.
B. an opportunity cost.
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Use the following table to answer the question below.Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500In this competitive market, the price and quantity will settle at
A. $25 and 1,200 units. B. $10 and 1,800 units. C. $20 and 900 units. D. $15 and 1,600 units.
If a curve falls and then rises, it shows
A) a maximum. B) a minimum. C) a linear relationship D) a constant slope relationship
If Luxury Cabinets, a kitchen cabinet manufacturer, builds a cabinet plant near Big Woods, a timber harvesting farm, to reduce the costs of transporting lumber, the cabinet plant is a(n) ________.
A) information asset B) negotiation asset C) transaction-specific asset D) monitoring cost
A strategy that is better than any alternative strategy - regardless of what the other firm does - is called a:
A. Dominant strategy B. Nash strategy C. Positive-sum strategy D. Best strategy