Answer:
$55
Explanation:
Opportunity cost refers to the value of benefit forgone, in order to get the benefit of current option chosen.
Here, Cameron has a gift card worth $40 which he had to use,
Now he had two options:
Either to buy keyboard of $50
or
To buy speakers costing $55
He chooses to buy keyboard and the value of benefit forgone is value of speakers = $55.
Thus, opportunity cost = $55
E. decrease in both number of shares outstanding and the market price per share
Suppose that the hypothetical country of Andesland suffers a chronic scarcity of its staple grain, quinoa.
Andesland is restrained by the resources it has to satisfy the various wants of its residents. The given statement is true.
One of the core principles of economics is scarcity. It indicates that there is a gap between the supply of an item or service and the demand for it. As a result, customers, who ultimately drive the economy, may have fewer options due to scarcity.
Given such shortages are unheard of in wealthy nations, Andesland must be a developing nation. When a country's resources are insufficient to meet all of its citizens' needs, the situation is referred to as scarcity. Even though it is less obvious in wealthy countries, scarcity still occurs.
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Answer & Explanation:
If oligopolists engaged in some sort of collusion, industry output would be less than before and the price would be higher than under perfect competition.
When oligopolists collude, they will act as a monopoly, then the price that they will set would be higher than if they are under perfect competition. Also, the quantities that they will offer would be less. This happens because the quantity produced is determined by the intersection between the marginal cost curve (MC) and the marginal revenue curve (MR) and not by the intersection between the MC and the demand.
