If a major league baseball player would be willing to work for $500,000 per year and is currently being paid $1,200,000 per year, the opportunity cost of his decision to play baseball is
A) $500,000.
B) $1,200,000.
C) $1,700,000.
D) $700,000.
A
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To maximize its profit, a monopolistically competitive firm produces at the output level at which
a. its price elasticity of demand equals one. b. MR = MC. c. its D curve is tangent to its ATC curve. d. MR = AVC.
Total revenue is
A. Equal to total profit. B. Price times income. C. Quantity sold times price. D. Equal to costs of production.
Most development economists agree that the most basic and important task of any government is to:
A. maintain a stable currency. B. ensure basic education for all citizens. C. create a stable political system. D. provide national health care system.
Explain what is needed for optimal harvesting of a forest. How do changes in economic incentives and structures affect present and future decisions?
What will be an ideal response?