The money we pay for a good or service
a. generally exceeds its opportunity cost.
b. generally equals its opportunity cost.
c. has no part in determining its opportunity cost.
d. generally equals two-thirds of its opportunity cost.
e. generally is only part of its opportunity cost.
E
You might also like to view...
In the United States in 2011, there were 104 fatalities per 100,000 workers in the logging industry. This is the second-highest rate after the fisheries industry
Everything else equal, would you expect workers in the logging industry to be paid higher wages than workers with similar levels of education in other industries? Explain.
The Bay Area subway system, BART, offers senior citizens discounted fares for BART rides. This suggests that BART authorities believe that senior citizens have a ________ demand for subway rides
A) less price elastic B) more income elastic C) more price elastic D) less income elastic
The short-run supply curve of the perfectly competitive industry is found by summing the
A. AC curves of the individual firms in the industry. B. AVC curves of the individual firms in the industry. C. MC curves above AVC of the individual firms in the industry. D. There is no short-run supply curve in a competitive industry.
Which of the following will increase the demand for motorcycles?
a. A fall in the price of motorcycles. b. A fall in insurance rates for motorcycles. c. A fall in the price of automobiles. d. A fall in buyers' incomes (assuming motorcycles are a normal good). e. A fall in consumer preference for motorcycles.