Bill Has $10 to Spend on a Superman, Batman, or an X-Men

question 52

Multiple Choice

Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?

• A) The amount he spent, $10.
• B) Nothing, since he got his preferred choice.
• C) The Batman T-shirt.
• D) The X-Men T-shirt.

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Definitions:

Equilibrium Market Wage Rate

The wage rate at which the quantity of labor firms wish to employ equals the quantity of labor workers wish to supply.

Quantity Demanded

The overall volume of a commodity or service that is desired and can be bought by consumers at a specific price point.

Market Wage Rate

This is the prevailing rate of pay for workers in a particular job or industry, determined by the supply of and demand for labor.

Power Cords

Electrical cables that connect an appliance to the main electricity supply.