The opportunity cost of taking a semester-long economics class is
A) the cost of tuition and fees only.
B) equal to the highest value of an alternative use of the time and money spent on the class.
C) the value of the time spent in the classroom.
D) the knowledge and enjoyment you receive from attending the class.
E) zero because there is no admission charged if you are enrolled in the course.
B
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In the long run, profit-maximizing monopolists facing a downward-sloping demand curve
A. can obtain profits greater than their opportunity costs of capital. B. can produce where average total costs are minimized C. can have a price that is the same as marginal revenue. D. All of these responses are correct.
The expenditures approach to GDP equals
A. Consumption + Net Investment (Gross Investment-Depreciation) + Government Purchases + Net Exports. B. Consumption + Gross Investment + Government Purchases + Net Exports. C. Employee Compensation - Profit - Net Property Income - Indirect Business Taxes-Depreciation - Income Earned Abroad. D. Employee Compensation + Profit + Net Property Income + Indirect Business Taxes + Depreciation - Income Earned Abroad.
Refer to Figure 7.4. If the market was a monopoly, the consumer surplus would be:
A. $625. B. $450. C. $300 D. $225.
Samurai Sam's, a producer of frozen sushi, is a monopolistically competitive firm. The firm is currently selling frozen California rolls at a $4 price. Samurai Sam's marginal cost is $1.75 and its marginal revenue is $1.50. The firm should ________ to maximize profits in the short run.
A. decrease output to where price just equals marginal cost B. continue to produce the same output level C. increase output to where price just equals marginal cost D. Indeterminate from the given information.