The opportunity cost of an action is
a. the monetary payment the action required.
b. the total time spent by all parties in carrying out the action.
c. the value of the best opportunity that must be sacrificed in order to take the action.
d. the cost of all alternative actions that could have been taken, added together.
C
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The additional cost a firm will incur by producing one additional unit of output is the:
A. variable cost. B. fixed cost. C. marginal cost. D. total cost.
The law of demand indicates that as the price of a good increases:
A. suppliers sell less of it. B. suppliers sell more of it. C. buyers want to buy less of it. D. buyers want to buy more of it.
The perfectly competitive firm maximizes profits when
A. it produces and sells the quantity at which the difference between price and average cost is the greatest. B. it produces and sells the quantity at which marginal revenue and marginal cost are equal. C. it produces and sells the quantity at which the difference between marginal revenue and marginal cost is the greatest. D. it produces and sells the quantity at which the difference between average revenue and average cost is the greatest.
A ________ is owned by its stockholders
A) sole proprietorship B) partnership C) corporation D) All of the above are correct.