Opportunity cost:
A. is the same as sunk cost.
B. includes only monetary expenses.
C. is nonexistent for some choices.
D. is the net benefit forgone by not undertaking the next best alternative.
Answer: D
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If Utopia has a closed economy, the number of cases of tile consumed each is ________ per year, and if it has an open economy the number of cases of tile consumed is ________ per year. 
A. 300; 200 B. 300; 450 C. 450; 200 D. 200; 450
An input combination is an interior choice if and only if:
A. it lies below the isocost line. B. uses at least a little bit of every input. C. lies on an isoquant. D. satisfies the tangency condition.
When quantity supplied is greater than quantity demanded, there is a ____________.
Fill in the blank(s) with the appropriate word(s).
Marginal cost
A. measures how total cost changes when input prices change. B. is less than average cost when average cost is decreasing. C. measures how total cost changes when one more unit of output is produced. D. both a and b E. both b and c