Your parents have given you a new car on your 16th birthday for which they paid about $24,000. Assume this is also the price you would get if you decided to sell the car a month after getting it. The monthly costs of driving the car are $100 for oil changes and $200 for gas. What are the opportunity costs of driving the car this month?
A. $24,300
B. $300
C. $2,000
D. $0
Answer: A
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Cost minimization requires that a firm equate the ratio of marginal products of inputs to the ratio of input prices.
Answer the following statement true (T) or false (F)
According to this Application, Yu Juo proposed that the Chinese government should ________ the tax rate in the case of a famine if the government had insufficient funds, and this would ________ the standard of living
A) increase; increase B) increase; decrease C) cut; decrease D) cut; increase
Checks that people write are
A) the largest component of the money supply. B) not money. C) only part of M2 but not part of M1. D) part of M1 but not part of M2.
A government-imposed price floor above the market price of milk would increase consumers' expenditures on milk only if
a. demand is elastic b. supply is inelastic c. demand falls d. demand is inelastic e. supply is unit elastic