You own Star Wars - The Last Jedi on DVD. The opportunity cost of watching this DVD for the fourth time
A. is zero, since you own it.
B. must be the same as the opportunity cost of watching it the first time.
C. is the value of the alternative use of the time you spend watching the DVD.
D. is one-fourth the cost of the DVD, as this is the fourth time you have watched it.
Answer: C
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A firm is said to have market power if it charges a price ________ of production
A) higher than the marginal cost B) lower than the marginal cost C) equal to the marginal cost D) equal to the average fixed cost
Rate of return regulation sets the price at a level that enables the regulated firm to earn a specified target percent return on its
A) total cost. B) sales revenue. C) capital. D) variable cost.
If labor contracts prevent wage flexibility, the aggregate supply curve will be
A) vertical. B) horizontal. C) negatively sloped. D) positively sloped.
Which of the following would be an example of expansionary fiscal policy?
A) An increase in the individual income tax rate. B) Extending the period in which unemployed workers can collect unemployment benefits. C) A decrease in the amount of federal grants given to college students D) A decrease in interest rates.