You have the choice of going on vacation to Florida for one week, staying at work for the week, or spending the week doing fix-up projects around your house. If you decide to go to Florida, the opportunity cost of the trip is
A) working and doing fix-up projects.
B) working or doing fix-up projects, depending on which you would have done otherwise.
C) working, because you would be giving up income.
D) nothing because you will enjoy the trip to Florida.
Question 2
Refer to the scenario above. Which of the following will happen in equilibrium?
A) Firm A will use Strategy X, and Firm B will use Strategy Y.
B) Firm A will use Strategy Y, and Firm B will use Strategy X.
C) Both the firms will use Strategy X.
D) Both the firms will use Strategy Y.
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