That which we forgo, or give up, when we make a choice or a decision is known as
A. correlation.
B. equity.
C. opportunity cost.
D. causation.
Answer: C
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Describe the controversy surrounding the HO model and the widening of the American income gap
What will be an ideal response?
Increased border patrol will affect the labor market in California. With a(n) _________ in labor supply, we would expect wages to __________.
A. decrease; decrease B. decrease; increase C. increase; increase D. increase; decrease
The demand curve facing Company ABC is perfectly elastic. What is its marginal revenue?
a. Equal to the average revenue. b. Less than the price. c. Higher than the price. d. Higher than the average revenue.
A purely competitive firm's short-run supply curve is:
A. perfectly elastic at the minimum average total cost. B. upsloping and equal to the portion of the marginal cost curve that lies above the average variable cost curve. C. upsloping and equal to the portion of the marginal cost curve that lies above the average total cost curve. D. upsloping only when the industry has constant costs.