Multiple Choice
Joanne rents out her apartment in Seattle to Alice as she is moving to Dallas for the next three years.Which of the following statements must be true?
A) Alice's valuation of the apartment is higher than Joanne's opportunity cost of renting it.
B) Joanne's valuation of the apartment is higher than Alice's.
C) This transaction creates no economic value for Alice.
D) Alice's valuation of the apartment is lower than Joanne's opportunity cost of renting it.
Correct Answer:
Verified
Correct Answer:
Verified
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