Read Eye on the Benefit and Cost of School on p. 15 and explain why both you and Clayton Kershaw made the right decision
What will be an ideal response?
Clayton Kershaw made the correct decision to skip college because the opportunity cost to him of attending college (which includes his forgone salary playing baseball) vastly exceeded the benefits to him of at-tending college. For most students, the opportunity cost of attending college is not so large, so for most students the benefits from attending college exceed the opportunity cost of attendance. For these students, attending college is the correct decision.
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What is a gold standard?
What will be an ideal response?
If the price elasticity of demand for insulin is equal to zero then the demand curve for insulin is
A) curvilinear. B) downward sloping. C) vertical. D) horizontal.
Other things being equal, an increase in the price of a good leads to an increase in the amount produced. This is known as
A) the law of demand. B) the law of supply. C) ceteris paribus. D) equilibrium.
Profit is equal to
A. total revenue minus total cost. B. total revenue divided by total cost. C. total revenue divided by marginal revenue. D. marginal revenue minus marginal cost.