Subtracting the Costs of One Alternative from the Costs of the Other

question 127

Multiple Choice

Subtracting the costs of one alternative from the costs of the other alternative would be called the ____________ cost.

• A)sunk
• B)imported
• C)differential
• D)alternative

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Definitions:

Labor Demand Curve

A curve representing the quantity of labor that employers wish to hire at different wage rates.

Technological Advances

Innovations and improvements in technology that enhance efficiency, productivity, or quality in goods and services.

World Price

The price of a good that prevails in the world market for that good.

Oil Field

A region with an abundance of oil wells extracting petroleum (crude oil) from below ground.