Marissa walks into a convenience store to buy something to drink. As she stares into the cooler, her opportunity cost of choosing a Gatorade is:
A. obvious. It's the value she places on whatever drink she would choose if she didn't pick Gatorade.
B. distant and abstract. It's the value she places on whatever drink she would choose if she didn't pick Gatorade.
C. obvious. It's the value she places on all the other drinks she could choose instead of Gatorade.
D. distant and abstract. It's the value she places on all the other drinks she could choose instead of Gatorade.
A. obvious. It's the value she places on whatever drink she would choose if she didn't pick Gatorade.
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Because air cargo as an industry involves the generation of pollutants in engine exhaust, the equilibrium price of air cargo services
A) is above the optimal level, and quantity is below the optimal level. B) is below the optimal level, and quantity is above the optimal level. C) and quantity of trucking services are both above the optimal level. D) and quantity of trucking services are both below the optimal level. E) must fall in order for the market to reach equilibrium.
Which of the following is NOT included in the MZM definition of money?
A) currency. B) money market funds. C) travelers checks. D) small-denomination time deposits.
Sam quits his job as an airline pilot and opens his own pilot training school. He was earning $40,000 as a pilot. He withdraws $10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hangar that he could have rented out for $5,000 per year. He rents a computer for $1,200, buys office supplies for $500, rents an
airplane for $6,000 . pays $1,300 for fuel and maintenance, and hires one worker for $30,000 . Sam's total revenue from pilot training classes this year equaled $90,400 . Sam's explicit costs this year equal a. $84,400 b. $39,000 c. $55,000 d. $45,600 e. $40,000
Game theory is important for understanding which of the following market types?
a. perfectly competitive and oligopolistic markets b. perfectly competitive markets but not oligopolistic markets c. oligoplistic but not perfectly competitive markets d. neither oligopolistic nor perfectly competitive markets.