econ

dependencies over time reflect the fact that:

resources can be spread across time.

the opportunity costs of a decision may include each of these types of costs EXCEPT: nonfinancial costs sunk costs forgone financial costs out-of-pocket fin. cost

sunk costs

Charles McCoy is a manager at a coffee shop, and he has to decide how many workers to hire. One worker can make 25 drinks that sell for $5 on average in one hour. A second worker can make another 20 drinks in one hour. The marginal benefit of each additional worker decreases by five drinks, with each additional hire. Given that workers are paid $15 per hour and have eight-hour shifts, how many employees should Charles hire for each hour?

five

an announcement of a finding that vaping diminishes people's ability to think clearly will most likely result in:

decreased demand for vapes

GO BACK Which statement is TRUE unlike individual demand curves, market demand curves often have a positive slope

market and individual

If baseball bats and toothpicks are substitutes in production, a producer (with her fixed set of resources) will need to reduce the production of baseball bats when she:

produces more of the other good.

you have paid $100 for student season tickets to the football games at your university. it is halfway through the season, and the team has not won any games. you are considering whether you will attend any future games this season. all of the following are costs or benefits you should consider when making this decision except the:

the $100 you spent

for an economist the cost of a good is

the quantity of resource used to produce it

whenever a good is purchased

"the cost of the good is its opportunity cost." When you purchase a good, you are essentially giving up the opportunity to use the resources (money) you spent on that good for some other purpose. This is known as the opportunity cost of the good. It represents the value of the next best alternative that you forgo when you make a choice. The other statements do not necessarily apply universally to all cases of purchasing a good.

GO BACK on a hot sweltering day

whether the marginal benefit