Opportunity cost is the value of the next best alternative to a given choice
a. True
b. False
Indicate whether the statement is true or false
True
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The height of the supply curve at a quantity of 100 represents the
a. total value of all 100 units to consumers. b. minimum price required to induce a producer to supply the hundredth unit. c. equilibrium price of the good regardless of the position of the demand curve. d. profit derived by producers from the sale of the hundredth unit.
What is the best definition for rules of thumb?
a. universal principles that apply to economic situations across time and culture b. limitations placed on the ability of humans to problem solve effectively c. decision-making shortcuts based on what seems to have worked well in the past d. ways of circumventing traditional economic principles in order to maximize utility
The short-run aggregate supply curve:
A. Becomes flatter at output levels above the full-employment output B. Becomes steep at output levels above the full-employment output C. Is upward-sloping with a constant slope D. Is horizontal
The supply curve for high-skilled labor lies to the
A) right of the supply curve for low-skilled labor because more people want a high-skilled job. B) left of the supply curve for low-skilled labor because more people want a high-skilled job. C) left of the supply curve for low-skilled labor because it is costly to acquire skills. D) right of the supply curve for low-skilled labor because fewer high-skilled people are willing to work for a low wage.