For a college student who wishes to calculate the true costs of going to college, the costs of room and board
a. should be counted in full, regardless of the costs of eating and sleeping elsewhere.
b. should be counted only to the extent that they are more expensive at college than elsewhere.
c. usually exceed the opportunity cost of going to college.
d. plus the cost of tuition, equals the opportunity cost of going to college.
b
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Assume Ford Motor company purchases a robot that can do the welding work of ten union workers. If the robot is a perfect substitute for labor what can we be sure is true about the annual cost of using and maintaining one robot?
What will be an ideal response?
Between 1865 and 1914, individuals in households could use the income they did not spend to do what?
(a) Purchase stocks (b) Buy bonds (c) Place money in savings accounts (d) All of the above
According to the table shown, the firm's marginal revenue:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. is constant.
B. increases as output increases.
C. decreases as output increases.
D. increases until the 3rd unit, then decreases.
Refer to Figure 7-4. When the price falls from P1 to P2, which area represents the increase in consumer surplus to new buyers entering the market?
a. BDF b. BCGD c. AFG d. ABC