Which of the following sayings best reflects the concept of opportunity cost?
A. "You can't teach an old dog new tricks."
B. "There is no such thing as a free lunch."
C. "I have a baker's dozen."
D. "There's no business like show business."
Answer: B
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If a firm is in the short run,
a. all its resources are variable. b. it is planning its output for six months. c. it is not possible for a firm to be efficient. d. at least one of the firm’s resources cannot be varied.
Which of the following would shift the demand curve for new textbooks to the right?
A) A fall in the price of paper used in publishing texts B) A fall in the price of equivalent used textbooks C) An increase in the number of students attending college D) A fall in the price of new textbooks.
College students often spend summers in internships that pay little or no income because internships provide benefits in the form of higher future incomes
a. True b. False
Assume a perfectly competitive firm sells its output for $150 per unit. It currently produces 6,000 units of output, at which output level it minimizes its average variable cost at $152 per unit. Assuming it wants to maximize its profits, it should: a. increase output
b. decrease output, but not shut down. c. maintain its current output rate. d. shut down.