The term opportunity cost refers to the
A. Amount of resources used to produce a good but not a service.
B. The most desired good or service given up when something is obtained.
C. Financial costs of all the factors of production used to produce a good or service.
D. Value of every other good given up when a good or service is obtained.
Answer: B
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Refer to the scenario above. What is the difference between the future value of John's deposit and Wendy's deposit after three years?
A) $56.04 B) $112.26 C) $208.03 D) $439.15
A collusive agreement between two duopolists is similar to the prisoners' dilemma because in both games
A) the best outcome is always achieved. B) each players strategy depends on what the other player does. C) the Nash equilibrium is not the best outcome for the players. D) All of the above answers are correct.
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50
A) no one will buy a ticket. B) Violet's consumer surplus is $2. C) consumer surplus will be maximized. D) everyone will buy a ticket.
An example of money is:
A. a dollar bill. B. a checking account balance. C. a traveler's check. D. All of these.