Suppose a consumer is torn between buying a Chevy Tahoe or a Ford Expedition, each selling for $30,000. He eventually decides on the Tahoe. What's his opportunity cost?
A) $30,000
B) $30,000 plus taxes, tags, insurance, etc.
C) The satisfaction he would have experienced owning the Ford Expedition
D) The frustration he will face owning the Chevy Tahoe
E) B, C, and D above.
C
You might also like to view...
The problem of dead capital can be eliminated by
A) changing the structure of import tariffs. B) increasing the labor force participation rate. C) making it easier for people to establish legal ownership of productive capital. D) restricting population growth.
Employers tailor compensation packages to attract employees who will give them a competitive edge in the market
Indicate whether the statement is true or false
________ regularly trade their own gain against others' lives
A) Corporations
B) Governments
C) Individual people
D) all of the above
The market clearing price is
A. the price which leaves an excess quantity supplied. B. the lowest price at which a positive quantity supplied exists. C. the price which leaves an excess quantity demanded. D. the price which eliminates excess quantity supplied or excess quantity demanded.