Your aunt is thinking about opening a hardware store. she estimates that it would cost $400,000 per year to rent the location and buy the stock. in addition, she would have to quit her $50,000 per year job as an accountant. what is the opportunity cost of something?

(a) the time it takes to do something
(b) what must be given up to acquire it
(c) cost to produce it
(d) what you pay

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.