The opportunity cost of owning a car is
A. the price of the car.
B. filling the tank twice a week.
C. the cost of getting your car inspected once a year.
D. the vacation to Hawaii you had to give up in order to make your car payments.
D. the vacation to Hawaii you had to give up in order to make your car payments.
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The time cost incurred by consumers who must find substitute products after a ban is placed on some good or service is an example of a(n)
a. capital cost d. operating expense b. fixed cost e. implicit cost c. explicit cost
What is the Principal of Optimization at the Margin? Explain with an example
What will be an ideal response?
Producer surplus measures the difference between total revenues and fixed cost
a. True b. False
Price cannot fall so low that some sellers choose to supply a quantity of zero
a. True b. False Indicate whether the statement is true or false