Opportunity cost is:

a. total operating cost.

b. the highest-valued alternative forgone when a decision is made.

c. the total market value of foregone goods and services.

d. the dollar cost of producing goods and services.

e. total implicit cost.

With widespread diffusion of personal computers, encyclopedia content, which was once delivered via hardcover books such as the gold standard Encyclopaedia Britannica, was now being replaced by electronic media.

Last year, BruceCo sold 1000 coffee cups for $10 each. This year, the company is planning on selling 1500 coffee cups. In order to cover the additional investment they will charge $10.50 for the first 500 cups, $10.

A statement that makes a factual claim about how the world actually works is called a positive statementA statement that makes a claim about how the world should be is called a normative statement

Jing is considering starting a new business selling organic groceries. It would cost her $350,000 a year to rent store space and buy the groceries from a wholesaler, and she would have to quit her current job and give up a $70,000 annual salary. a.

Some scholars suggest that an analysis of the economic impact of immigration should include an accurate count of the numbers and life experiences of illegal immigrants in the United States.

Interest rates generally reflect the potential elects of initation the level of risk in an investment the real value of the investment the amount of money invested

What is a variable expense? A. An expense that is the same during some months, and different during other months. B. An expense that is the same from month to month. C. An expense that is different from month to month. D. None of the above.

Calculator Santorino Company produces two models of a component, Model K-3 and Model P-4. The unit contribution margin for Model K-3 is $6; the unit contribution margin for Model P-4 is $14. Each model must spend time on a special machine.

If US workers can produce everything in less time than Mexican workers, it is not possible for the US to gain from trade with Mexico. True/False

A variable cost remains constant per unit at various levels of activity. a. True b. False