Opportunity cost refers to
What will be an ideal response?
the value of the? next-best alternative.
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?
Exhibit 10A-3 Macro AD-AS Model
In Exhibit 10A-3, the level of real GDP associated with Y1:?
A. ?is equal to potential real GDP. B. ?is an inflationary gap real GDP. C. ?is a long-run equilibrium. D. ?is caused by flexible wages and prices.
Queuing, or waiting in line, is an alternative rationing mechanism to price rationing.
Answer the following statement true (T) or false (F)
Because of product differentiation in a monopolistically competitive market, the demand curve for an individual firm will be
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.
Marginal physical product is
A. the increase in input usage resulting from an increase in revenue. B. the same as marginal revenue product. C. equal to average physical product when a monopoly firm is in equilibrium. D. the increase in output stemming from a one-unit increase in input.