The total cost of purchasing a car is:
a. the dollar amount paid for it.
b. the dollar amount paid for it plus the seller's opportunity cost.
c. the dollar amount paid for it plus the buyer's opportunity cost of time spent on buying it.
d. the dollar amount paid for it plus the seller's opportunity cost of the time spent on looking for a buyer.
Question 2
If a firm doubles its resources and generates an output level which is more than double, it is said to be experiencing:
a. economic fluctuations.
b. recession.
c. diseconomies of scale.
d. increasing marginal returns to a factor.
e. economies of scale.
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