Recall the Application about the opportunity cost of an entrepreneur to answer the following question(s).Recall the Application. Which of the following would be included as an opportunity cost of renting your house through Airbnb?
A. opportunity cost of time sending emails
B. opportunity cost of cleaning the house
C. fees to Airbnb
D. All of these are part of the costs.
Answer: D
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A ticket to an Eric Clapton concert costs $45. If you have a ticket, you can “scalp” it (sell it illegally) for $75. To a ticket holder, the opportunity cost of actually attending the concert is
A. $45. B. $50. C. $75. D. $115.
Why do property rights increase research and development (R & D) for many companies?
A. Property rights do not increase research and development. B. Property rights reduce the risk of others stealing your work. C. Property rights incentivize buyers to purchase the company's products. D. Property rights always increase profits, so companies have more money to spend on R & D.
Consumer surplus is the difference between the maximum amount a buyer is willing to pay for a product and the price he actually pays
Indicate whether the statement is true or false
According to James Duesenberry, knowing someone's absolute income tells us everything about that person's income status
Indicate whether the statement is true or false