Bonnie is debating whether to take a job as a professional therapist or a florist. She will earn $40,000 a year as a therapist or $30,000 a year as a florist. If she chooses to be a therapist, the opportunity cost is
A) $40,000.
B) $30,000.
C) $10,000.
D) unable to determine.
B
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The production decisions of perfectly competitive firms follow one of the Ten Principles of Economics, which states that rational people
a. consider sunk costs. b. equate prices to the average costs of production. c. prefer to purchase products from smaller rather than larger firms. d. think at the margin.
A country's economic welfare most directly depends on
A. how many goods and services it exports. B. what its citizens can consume. C. how many goods and services it imports. D. what it can produce.
A decrease in the interest rate, other things being equal, causes a(n):
A. upward movement along the demand curve for money. B. downward movement along the demand curve for money. C. rightward shift of the demand curve for money. D. leftward shift of the demand curve for money.
The firm's short-run supply curve begins at an output of
A. 100.
B. 175.
C. 250.
D. 300.