16. 17. 18. 19. 20. 21. 22. The long-run demand curves a. are upward sloping b. are always linear c. are more elastic than the short run demand curves d. are less elastic than the short run demand curves There are four things that Sam could do during the next hour: sleep (he values it at $40), watch YouTube videos (he values it at $35), swim in a pool (he values it at $45) or go on a hike (he values it at $50). What is his opportunity cost of sleeping? a. $35 b. $40 0. $45 d. $50 There are four things that Sam could do during the next hour: sleep (he values it at $40), watch YouTube videos (he values it at $35), swim in a pool (he values it at $45) or go on a hike (he values it at $50). What is his opportunity cost of going on a hike? a. $35 b. $40 c. $45 d. $50 For some production, sunk costs are $10,000, avoidable costs $20,000, and variable costs are $15,000. What are the xed costs? a. $1 5,000 b. $45,000 c. $10,000 d. $5,000 Economics is the study of a. behaviour b. accounting 0. money d. history The principle of maximization is about a. constraints on our choices b. scarcity c. motivation for our behavior d. willingness to substitute Everybody is willing to trade some amount of one good for some amount of another. This is the principle of substitution theorem of trade theorem of exchange principle of maximization 9953'!\