Which definition best describes real world interpretation of "the opportunity cost of homeownership". The money you could earn with the free time you would have if you didn't own a house ○ The time you gave up to search for a house The money you could make if you had invested the equity you have in your house The goods you could have purchased with the interest you paid on your mortgage

Price elasticity measures the responsiveness of the quantity demanded or supplied to a good to a change in its price. Note: Select an option True False er than the Save Answer button will NOT save any changes to your answers!

What can microeconomics help in individual daily life?

You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your opportunity cost of seeing a movie this afternoon? Select one: O a. $57 O b. $12 ○ c. $22 ○ d. $8