You have $1 to spend on a vending machine snack. A bag of chips will cost you $1 and the candy bar will also cost you $1. If you choose the bag of chips, the opportunity cost of buying the chips is:
A) $1.
B) $1 plus the enjoyment you would have received from the candy bar.
C) the enjoyment you would have received from the candy bar.
D) $2 minus the enjoyment you received from the bag of chips.
C) the enjoyment you would have received from the candy bar.
You might also like to view...
Inflation climbed steadily from 1952 to 1972. A time-series graph with inflation on the vertical axis and time (in years) on the horizontal axis would show
A) the rate of inflation as a horizontal line. B) that inflation was following a decreasing trend line. C) that inflation had a positive trend. D) that inflation had a negative trend.
The Department of Justice has challenged the merger of two firms, and the case has ended up in the Supreme Court. The two firms argue that they will not use their monopoly power to raise prices or to cut output. Under what judicial standard would their merger be allowed, and under what judicial standard would their merger be disallowed?
In what ways, if any, do the demand schedules for a purely competitive firm and a pure monopolist differ? What significance does this have for the price-output behavior of each?
What will be an ideal response?
In 2007, approximately what percentage of people in the United States with private health insurance received it as an employer-provided benefit?
A. 35. B. 50. C. 88. D. 95.