Bus 302l micro economics - Study guides, Class notes & Summaries

Because of scarcity, every economic decision involves Answer> a trade-off. Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is: Answer> the enjoyment and exercise he would have received from bike riding. The gains from trade are: Answer> a result of more efficient resource allocation. Which of the following would not tend to lower the price of VCRs? A...

Because of scarcity, every economic decision involves - a trade-off. Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is: - the enjoyment and exercise he would have received from bike riding. The gains from trade are: - a result of more efficient resource allocation. Which of the following would not tend to lower the price of VCRs? - increasing price of pay-per-...