Which of the following sayings best represents the concept of opportunity costs?
a. "A glass can be half empty or half full."
b. "When in Rome, do as the Romans do."
c. "There is no such thing as a free lunch."
d. "No taxation without representation."
e. "What's up?"
c
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If consumption was 70 percent of GDP and investment and government expenditure were both 18 percent each, then we see that
A) exports must be less than imports. B) exports must be more than imports. C) the error is due to rounding. D) we must subtract depreciation from investment so that the components of GDP do not exceed 100 percent. E) GDP can be over 100 percent because it is "gross" rather than "net."
When Mary earned $3,200 per month, she bought 2 concert tickets each month. Now her monthly income is $5,600, and the number of concert tickets she purchases has risen to 3 per month. Mary's income elasticity of demand for concert tickets equals ________
and the tickets are a(n) ________ good for Mary. A) -1.36; normal B) -0.21; inferior C) +0.21; complementary D) +0.73; normal
In a competitive market equilibrium
A) marginal benefit and marginal cost are maximized. B) the marginal benefit equals the marginal cost of the last unit sold. C) total consumer surplus equals total producer surplus. D) consumers and producers benefit equally.
A monopolistic competitor faces a horizontal demand curve.
Answer the following statement true (T) or false (F)