The opportunity cost of an action is:
A. the monetary payment the action required.
B. the total time spent by all parties in carrying out the action.
C. the value of the best opportunity that must be sacrificed in order to take the action.
D. the cost of all alternative actions that could have been taken, added together.
Answer: C
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Hotels R Us and Hotel Supply are two hotel toiletry suppliers that are competing with each other. If Hotels R Us announces an upcoming price change next month, it may be signaling to Hotel Supply its intent to engage in ________.
A) a Cournot oligopoly B) a Stackelberg oligopoly C) tacit collusion D) a Chamberlin oligop
Refer to the above table. At an output of 2 units, average total costs are
A. $45. B. $16. C. $122. D. $61.
What are some extensions to the simplified model of the loan able funds market?
What will be an ideal response?
Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. The marginal utility of the third dozen oysters per day is
A. 10. B. 30. C. 44. D. 134.