The opportunity cost of a hot dog in terms of hamburgers is the
A) ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers.
B) ratio of the slope of the supply curve for hot dogs to the slope of the supply curve for hamburgers.
C) money price of a hot dog minus the money price of a hamburger.
D) ratio of the money price of a hot dog to the money price of a hamburger.
D
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When the price of a commodity falls, we can expect
A. total utility will fall. B. marginal utility of the last unit purchased will fall. C. marginal utility of the last unit purchased will rise. D. purchases will fall because of a change in marginal utility.
In economics, ________ are limited but ________ are unlimited
A) wants; resources B) resources; wants C) money; ideas D) ideas; money
If a firm's total cost rises as output rises, then
a. marginal cost is positive b. profit cannot be maximized c. total cost is minimized d. marginal cost equals marginal revenue e. the firm should shut down in the short run
In the circular flow model of the economy, the resource market is where
a. consumers purchase consumer goods and services b. firms purchase goods and services c. consumers supply goods and services d. firms purchase labor, land, and capital e. consumers purchase labor and capital