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.

Economics

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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

Economics

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

Economics

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.

Economics

If a curve falls and then rises, it shows

A) a maximum. B) a minimum. C) a linear relationship D) a constant slope relationship

Economics