Hailey has decided to eat lunch between classes. She has ranked her choices, from highest to lowest as, (1) turkey sandwich, (2) tuna sandwich, (3) slice of cheese pizza, (4) fish taco. The opportunity cost of the eating turkey sandwich is
A. the combined value of the tuna sandwich, cheese pizza and fish taco.
B. zero since she has satisfied a want.
C. the value of the fish taco.
D. the value of tuna sandwich, the next best choice.
Answer: D
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Define the utility possibilities frontier. Explain what it means when society is inside the utility possibilities frontier. Explain what it means when society is on the utility possibilities frontier
Explain what determines the point that society arrives at on the utility possibilities frontier.
Data on Northeastern manufacturing firms show that firm size (number of workers per firm) increased for _________________ between 1820 and 1860
a. mechanized industries b. non-mechanized industries c. mechanized and non-mechanized industries d. only the textile industry
Adverse selection in insurance requires that
a. all people face the same risk b. potential customers facing more risk are no more interested in purchasing insurance c. people are risk averse d. insurers can tell higher risk people from lower risk people
The percentage share of income of the bottom quintile on curve X is
A. 0.
B. 5.
C. 10.
D. 15.