The opportunity cost of producing a bicycle refers to the:
a. out-of-pocket payments made to produce the bicycle.
b. value of the goods that were given up to produce the bicycle.
c. bicycle's retail price.
d. marginal cost of the last bicycle produced.
b
You might also like to view...
Land is:
A) an artificially created input whose supply is fixed. B) a naturally occurring input whose supply is fixed. C) an artificially created input whose supply is variable. D) a naturally occurring input whose supply is variable.
An advantage of imposing a tax on the producer that generates pollution is that
A) the government can keep tabs on exactly what is produced in an industry. B) it forces the polluting producer to internalize the external cost of the pollution. C) it will eliminate pollution. D) a producer can pass the cost of the pollution to consumers.
If a straight line passes through the point x = 24 and y = 8 and also through the point x = 8 and y = 16, the slope of this line is
A) seven-tenths. B) negative one-half. C) one and one-half. D) negative 8 divided by 4.
If Mousey Mike wants to not be hit, what strategy could he follow
a. Threaten to not tell b. Always not tell c. Threaten to tell d. All of the above