opportunity cost
What will be an ideal response?
the highest valued alternative given up as a result of making a choice
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A cartel most likely forms in
A) an oligopolistic market. B) a perfectly competitive market. C) a monopolistically competitive market. D) a heavily regulated industry.
The question of scarce resources and unlimited wants is addressed in
a. psychology b. history c. political science d. economics e. anthropology
Long-run average cost of the perfectly competitive firm includes the
a. cost of raw materials per unit of output. b. opportunity cost of labor per unit of output. c. opportunity cost of capital per unit of output. d. All of the above are correct.
A unit of account is
A) a bank account. B) a savings account. C) a common measurement in which values are expressed. D) the same as a medium of exchange. E) none of the above