Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, are (i) study economics, (ii) watch two half-hour TV sitcoms, (iii) play pool, and (iv) jog around town. You can only choose one activity. What is the opportunity cost of studying economics for one hour, given this information?
a. Watching two half-hour TV sitcoms.
b. The sum of watching two half-hour TV sitcoms, playing pool, and doing your laundry.
c. Playing pool.
d. Jogging around town.
a
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A) variable. B) fixed. C) materials. D) rented.
A demand schedule is a numerical tabulation of the ___________________ of a good at different ____________________
A) quantity supplied; prices B) quantity demanded; incomes C) quantity demanded; prices D) quantity supplied; incomes
Exit of existing firms will occur in a monopolistic competitive industry until:
A. marginal cost equals zero. B. marginal revenue equals zero. C. marginal revenue equals marginal cost. D. economic profit equals zero.
Government regulations that deal with financial crises tend to become less effective over time.
Answer the following statement true (T) or false (F)