Mike operates a bike retail store and repair shop, Mike's Bikes. 1. What was the cost of the resources bought by Mike's Bikes in the marketplace last year?
The total cost of the resources that Mike's Bikes bought in the marketplace last year was $
2. What was Mike's Bikes' opportunity cost of using resources owned by the firm last year?
The total opportunity cost of using resources owned by the firm last year was
3. What was Mike's Bikes' opportunity cost of using resources supplied by Mike last year?
The opportunity cost of using resources supplied by Mike last year was
4. What was Mike's Bikes' opportunity cost of production last year?
Mike's Bike's opportunity cost of production last year was 5