Microecon midterm 1 - Study guides, Class notes & Summaries

The university recently inherited a large mansion from a wealthy alumnus. The university plans to use the mansion for faculty parties and to house distinguished guests. The opportunity cost of the mansion to the university is? A)zero, because it was a gift. B)the original cost of building the mansion C)the amount the university would receive if it sold the mansion. D)the cost of catering the parties at the mansion correct answersthe amount the university would receive if it sold the mansion....