Suppose there are only three alternatives to attending a "free" social event: read a novel (you value this at $10), go to work (you could earn $20), or watch videos with some friends (you value this at $25). The opportunity cost of attending the social event is
A) $10.
B) $20.
C) $25.
D) $45.
E) $55
Ans: C) $25.
You might also like to view...
Market systems can be evaluated as efficient or inefficient, but not as fair or unfair
a. True b. False Indicate whether the statement is true or false
Christopher owns and manages a small tea shop. We assume that Christopher (i) does not directly care about the quantity of tea that he sells. (ii) does not directly care about the number of workers that he hires. (iii) wants to maximize the quantity of tea that he sells. (iv) wants to minimize the number of workers that he hires. (v) wants to maximize profits
a. (i) and (ii) only b. (i), (ii), and (v) only c. (iii) and (iv) only d. (iii), (iv), and (v) only
A decrease in total revenue will result if
A) demand is inelastic and price increases. B) demand is elastic and price increases. C) demand is elastic and price decreases. D) demand is unitary elastic and price decreases.
Refer to the information provided in Table 36.2 below to answer the question(s) that follow. Table 36.2 PointAggregate Income (Y)Aggregate Consumption (C) A 10 14 B 20 23 C 30 25 D 40 26 E 50 34 F 60 39The data in the table was used to estimate the following consumption function: C = 12 + 0.4YRefer to Table 36.2. The error for point E is equal to
A. -2. B. -1. C. +2. D. +4.