You have narrowed down your Friday night plans to either going bowling or playing billiards. If you choose to go bowling, then for you playing billiards is the ________ of going bowling.
A. marginal cost
B. empirical cost
C. variable cost
D. opportunity cost
Answer: D
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The U.S. and the Canadian currencies are the only two in the world that are called "dollars."
Indicate whether the statement is true or false
What is one reason "micro-managers" might be less successful than so-called "delegators"?
A) Delegators are smarter. B) Delegators enjoy increasing returns to scale. C) Micro-managers suffer decreasing returns to scale. D) Micro-managers have constant returns to scale.
An increase in price will lead to an increase in quantity supplied. This statement is
A) the law of supply. B) the law of demand. C) untrue always. D) a normative statement.
If a good has an elastic demand, then:
A. a small percentage change in price will cause a larger percentage change in quantity demanded. B. a small percentage change in price will cause virtually no change in quantity demanded. C. a large percentage change in price will cause a smaller change in quantity demanded. D. any percentage change in price will cause an almost immediate response in quantity demanded.