The opportunity cost of an action is
a. the monetary payment the action required.
b. the total time spent by all parties in carrying out the action.
c. the value of the best opportunity that must be sacrificed in order to take the action.
d. the cost of all alternative actions that could have been taken, added together.
c. the value of the best opportunity that must be sacrificed in order to take the action.
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Unlike nontariff barriers, tariffs
A. are less transparent B. are more transparent C. are neutral
If prices are held below the equilibrium price:
A) there exists a surplus in the market. B) there exists a shortage in the market. C) social surplus is maximized. D) all firms earn positive economic profits.
Falling inequality has been a feature of the HPAE due to land reform, free public education, free basic health care, and significant investments in infrastructure for communication, sanitation, and transportation
Indicate whether the statement is true or false
If firms were teams, then there is a need for a
A) profit monitor. B) benevolent government. C) boss or supervisor. D) none of these choices.