Author Question: If instead of working on his own as a consultant making 25,000, Joe takes a job at a bank, the ... (Read 14 times)

tiffannnnyyyyyy · **on:** Jun 29, 2018

If instead of working on his own as a consultant making 25,000, Joe takes a job at a bank, the 25,000 is

A) an opportunity cost.
B) a depreciation.
C) a loss.
D) an accounting profit.

Question 2

Total revenue received by surfboard manufacturers increases by 2 million when the price of a surfboard decreases by 10. The price the elasticity of demand for surfboards is

A) between 0 and 1.
B) greater than 1.
C) equal to 0.
D) some amount that is impossible to determine without more information.