Suppose that you could either prepare your own tax return in 15 hours or hire a tax specialist to prepare it for you in 2 hours. You value your time at $11 an hour; the tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return is
A. $55.
B. $165.
C. $110.
D. $40.
Answer: B
Economics
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Once a firm has selected a price for its product, quantity is decided by consumers and their demand curves
a. True b. False Indicate whether the statement is true or false
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Which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity?
A. A decrease in demand B. A decrease in supply C. An increase in demand D. An increase in supply
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A shift from S1 to S2 causes equilibrium price to __________ and quantity to __________.
A. rise; rise
B. fall; fall
C. rise; fall
D. fall; rise
Economics