Opportunity cost is a theoretical concept with no practical application.
Answer the following statement true (T) or false (F)
False
Any activity requires that something be given up-an opportunity cost.
You might also like to view...
Which statement is true?
A. Few Americans blamed Herbert Hoover for the Great Depression. B. The U.S. experienced a brief depression in the early 1920s. C. Most American homes were not wired for electricity until the late 1940s. D. None of the choices are true.
The cross elasticity of demand for good A with respect to good B is 0.2 . A 10 percent change in the price of good B will lead to a ____ percent change in the quantity of good A demanded. Goods A and B are _______
A. 2; substitutes B. 0.5; complements C. ?2; complements D. ?0.5; substitutes
Marginal cost is best defined as
a. a cost that does not vary with the rate of output. b. the difference between fixed and variable cost at any level of output. c. the amount added to total cost when one more unit of output is produced. d. the difference between price and average total cost at the profit-maximizing level of output.
If a town begins requiring builders to build on one-acre lots, instead of on smaller quarter-acre lots, the supply curve for new homes will
A. shift to the right. B. become flatter. C. shift to the left. D. become steeper.