Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year
He decides to play football, but eight years later, though he could continue to play football at $2 million a year, he quits football to make movies for $3 million a year. His opportunity cost of playing football at graduation was ________ and eight years later the opportunity cost of making movies was ________. A) $50,000; $2 million
B) $2 million; $2 million
C) $2 million; $3 million
D) $50,000; $50,000
A
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Of the following, the best example of oligopoly is
A) wheat farming. B) the restaurant industry. C) the cigarette industry. D) the clothing industry.
A shortage occurs when the market price is lower than the equilibrium price
Indicate whether the statement is true or false
The official poverty rate for all persons declined sharply between 1959 and:
a. 2000. b. 1970. c. 1980. d. 1990.
John K. Galbraith and Lester Thurow both believe that the modern corporation
a. follows the MR = MC rule b. tries to minimize costs c. hires too few managers d. is run by managers for managers e. serves the interests of stockholders