Opportunity cost means the
A) accounting cost minus the marginal cost.
B) highest-valued alternative forgone.
C) accounting cost minus the marginal benefit.
D) monetary costs of an activity.
B
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The figure below shows the retail demand for running shoes. If the distributors (the retailers) are perfectly competitive and the marginal cost of distributing the shoes is $20 per pair, the manufacturer's wholesale demand curve lies
A) $20 above the retail marginal revenue curve, MR.
B) $20 below the retail demand curve, D.
C) $20 below the retail marginal revenue curve, MR.
D) $20 above the retail demand curve, D.
A game in which all the players are worse off at the end of the game is a
A) negative-sum game. B) dominant strategy game. C) positive-sum game. D) noncooperative game.
A monopsony is an example of:
A. a buyer holding market power. B. a seller holding market power. C. a single seller holding all market power. D. an efficient market with no market power.
Which of the following is an example of a buyer?
a. Josh contributes $50 to a charity. b. LDV Inc purchases rubber to make tires. c. Yvette finds someone who wants to purchase her mp3 player. d. Good Works Group asks for a donation to build a hostel.