When a country produces more of one good, it must produce less of another good (assuming that resources are finite). The value of the second-best choice—the value of the production that a country gives up in order to produce the first product—represents the _____ of producing the first product.
A. money cost
B. opportunity cost
C. sunk cost
D. differential cost
Answer: B
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The "law of large sample size" refers to:
A) confusing the size of the sample with the representativeness of the sample B) the industry standard referring to the need for a sample size of 500 respondents C) the industry standard that the accuracy benefits of excessively large samples are typically greatly justified by their increased costs D) calculating the restrictive power of the sample to 95% or more E) all of the above
A cereal company issues coupons that can be exchanged for boxes of cereal. It issues two million coupons that promise the retailer who redeems the coupons $1 per coupon. The probability of redemption of any one coupon is 10%. What is the amount of the liability that the company recognizes?
a. $2,000 b. $20,000 c. $100,000 d. $200,000 e. $2,000,000
Psychographic data is standardized, objective, and easier to interpret than demographic information
Indicate whether the statement is true or false
A cost that has both a fixed and variable component is called a(n):
A) step cost. B) mixed cost. C) irrelevant cost. D) relevant cost.