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Irina-Kira [14]
2 years ago
14

Yvette is waiting in line to receive a free t-shirt at a charity event. Because the shirts are free, there are many people in li

ne, and a long wait time is expected Consider the following sentence: By waiting in line for the shirt Yvette will miss an appointment to tutor an economics student, for which she would have been paid $30. Which basic concept of individual choice does this sentence best illustrate?
a. Externalities are a shortcoming of the market,
b. Many decisions are made on the margin.
c. Opportunity costs and money costs (price) are related but are not always exactly the same
d. People usually exploit opportunities to make themselves better off.
Business
1 answer:
WINSTONCH [101]2 years ago
6 0

Answer:

c

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives. It is also known as implicit cost

When Yvette decided to wait in line, she missed the opportunity to tutor. This is her opportunity cost.

By giving up tutoring, she is losing $30. Thus her implicit cost is $30

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Answer:

Increase Rent Expense, $4,000; decrease Prepaid Rent, $4,000.

Explanation:

Since Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1, we will calculate monthly rent amount by:

24,000/6 = $4,000

Financial statements are prepared on July 31, so we will adjust the July rent in the adjusting entry.

We will debit the rent expense by $4,000 and credit the prepaid rent which is an asset to decrease it by an amount of $4,000.

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You are the manager of a theater. At present the theater charges the same admisssion price of $8 to all customers, regardless of
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Answer:

Explanation:

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Total revenue is calculated as the quantity of a good sold multiplied by its price.

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If the product has an elastic demand, revenue can be increased by decreasing the price of the good. Q will increase at a greater rate, while  P will decrease,  thereby, increasing the total revenue.

If the product has an inelastic demand, then the prices of goods can be increased and sold slightly less of that item but a higher revenue must be obtained.

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lora16 [44]

Answer:

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