The opportunity cost of an item is
a. the number of hours that one must work in order to buy one unit of the item.
b. what you give up to get that item.
c. always less than the dollar value of the item.
d. always greater than the cost of producing the item.
b
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The ability of consumers to influence price or other market aspects is known as
a. distribution control b. bureaucratic control c. price control d. market control
Two firms, each producing different goods, can achieve a greater output than one firm producing both goods with the same inputs. We can conclude that the production process involves
A) diseconomies of scope. B) economies of scale. C) decreasing returns to scale. D) increasing returns to scale.
Which of the following is most likely to be private property?
A) bees B) house flies C) farm raised chickens D) winds
When were the first federal antitrust laws enacted in the United States?
a. around the turn of the twentieth century b. after World War II c. after World War I d. during the Great Depression e. with the U.S. Constitution, in 1787