People are especially prone to undervaluing opportunity costs when
A. they are nonmonetary, such as time.
B. they involve obvious costs, like lost wages.
C. All of these are true.
D. they are monetary.
A. they are nonmonetary, such as time.
You might also like to view...
Someone who is underemployed is someone who:
A. is working in a job for which he is overqualified. B. is working part-time, but wants full-time employment. C. could be contributing more output to society by either working more, or by working using more advanced skills he possesses but doesn't currently use. D. All of these describe someone who is underemployed.
Visit the home page of the World Trade Organization
Questions:
- What is the primary function of this organization?
- What is the GATT? Discuss the economic rationale for agreements such as the GATT.
Bartech, Inc. is a firm operating in a competitive market. The manager of Bartech forecasts product price to be $28 in 2015. Bartech's average variable cost function is estimated to beAVC = 10 ? 0.003Q + 0.0000005Q2Bartech expects to face fixed costs of $12,000 in 2015. Now, suppose that the 2015 price forecast is drastically revised downward to $5. What is Bartech's profit-maximizing (or loss-minimizing) output for 2015?
A. 4,000 units B. 0 units C. 3,000 units D. 2,000 units E. 1,000 units
When monetary equilibrium occurs,
A) the demand for final goods and services equals the supply of final goods and services. B) gross business investment falls to zero. C) relative prices remain constant. D) the quantity supplied of money equals the quantity demanded.