The Opportunity Cost of Owning a Car Is

question 141

Multiple Choice

The opportunity cost of owning a car is

• A)the price of the car.
• B)filling the tank twice a week.
• C)the cost of getting your car inspected once a year.
• D)the vacation to Hawaii you had to give up in order to make your car payments.

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Definitions:

Regulatory Agency

A government body responsible for creating and enforcing rules to govern a specific industry or sector.

Social Welfare

Policies and programs designed to improve the well-being of individuals and communities, addressing needs such as health, education, and employment.

Natural Monopoly

A market condition where a single firm can provide a product or service at a lower cost than any potential competitor, often due to high fixed or start-up costs.

Average Cost Curve

A graphical representation showing the cost per unit of output at different levels of production.