Assume you are starting a new business that requires an investment of $20,000 but you could have invested in another endeavor for the same amount with the same risk and received a 25 percent return. You have sacrificed a $5,000 return and this is an cost of using the funds for your new business.

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In the united states, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. in the united kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. the united kingdom has a comparative advantage in the production of:

In a market economy, supply and demand are important because theya. (i) play a critical role in the allocation of the economy's scarce resources. b. (ii) determine how much of each good gets produced. c. (iii) can be used to predict the impact on the economy of various events and policies. d. all of (i), (ii), and (iii) are correct.