Opportunity cost is the value of the next best alternative to a given choice.
Answer the following statement true (T) or false (F)
True
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Which of the following is the best example of a common property?
a. The car of a student who is frequently willing to give her friends rides around town. b. The air that you breathe. c. Bread that you bake and share. d. Disney World
What is one reason "micro-managers" might be less successful than so-called "delegators"?
A) Delegators are smarter. B) Delegators enjoy increasing returns to scale. C) Micro-managers suffer decreasing returns to scale. D) Micro-managers have constant returns to scale.
Since the late 1970s which of the following groups has become worse off?
a. Highly-skilled workers b. Technical workers c. Less-skilled workers d. Scientists and other workers who require a lot of education e. All types of workers
When economies of scale exist,
a. production costs per unit increase as output expands. b. production costs per unit decline as output expands. c. total production costs decrease. d. total production costs increase.