What is the economic concept that suggests that using money for one children's program comes at the price of the lost ability to use that money on another children's program that might be more effective?
A. Supply and demand
B. Fixed cost
C. Opportunity cost
D. Equilibrium
Answer: C
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Assume toys are produced using only labor and wood. Which of the following best describes the cost of producing toys?
a. The number of dollars that the laborer spends to purchase the wood. b. The amounts of labor and wood used in the production process. c. The alternative uses that could be found for the labor and wood. d. The monetary value of the labor and wood used.
Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sues demand and marginal revenue curves are illustrated in the figure above. Sue's Surfboards currently rents 15 surfboards an hour. Sue's total revenue from the 15 surfboards is
A) $300. B) $225. C) $150. D) $10.
The price of $10 in the graph above represents
A. a price floor.
B. a price ceiling.
C. either a price floor or a price ceiling.
D. neither a price floor nor a price ceiling.
Related to the Economics in Practice on page 214: According to the Economics in Practice, firms where managers had more extensive training experienced
A. a decrease in the marginal product of labor. B. a decrease in the marginal revenue product of labor. C. increasing wage rates. D. increased productivity.