A Student Spends an Hour Studying Instead of Watching Tv

question 42

Multiple Choice

A student spends an hour studying instead of watching tv with his friends.The opportunity cost to him of studying is

• A)the improvement in his grades from studying for the hour.
• B)the improvement in his grades from studying minus the enjoyment of watching tv.
• C)the enjoyment he would have received if he had watched tv with his friends.
• D)zero.Since he chose to study rather than to watch tv,the value of studying must have been greater than the value of watching tv.

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Definitions:

Fast-Second Strategy

Fast-Second Strategy is a business approach where a company quickly follows innovators, improving upon their innovations or successfully commercializing them.

Dominant Firm

A company that has a large market share within its industry, giving it significant market power and the ability to influence market conditions.

New Product Innovation

The process of bringing a new product or service to the market, aiming to meet customer needs or open new markets.

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