A choice made by comparing all relevant alternatives systematically and incrementally is
A) an opportunity cost.
B) a choice on the margin.
C) a benefit.
D) a sunk cost.
E) a choice made in the social interest.
B
You might also like to view...
When the price of the same product varies by locational attributes, it is an example of:
A) predatory pricing. B) first-degree price discrimination. C) second-degree price discrimination. D) third-degree price discrimination.
The Coase Theorem implies that _____
a. absent transactions costs, resources will be efficiently allocated b. absent transactions costs, resources will be inefficiently allocated c. with significant transactions costs, resources will be efficiently allocated d. with significant transactions costs, resources will be inefficiently allocated
Economists use models in order to
a. experiment with alternative circumstances. b. make educated guesses about real life events. c. predict outcomes under various hypothetical conditions. d. increase understanding of how a relationship actually works. e. All of the above are correct.
A black market is
a. a market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices. b. a market where goods and services can be obtained at lower prices. c. a government-mandated market where controls are placed on prices. d. a market where exchanges are made using bartering.