The opportunity cost of a chosen item or activity is A how much money it will cost. B how many chances you will have to buy it. C the value of the best alternative you must up. D the cost of the choice.
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Step 1: The opportunity cost is the value of the best alternative you must give up when making a decision. Show more…
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Opportunity cost is the a. purchase price of a good or service. b. value of leisure time plus out-of-pocket costs. c. best option given up as a result of choosing an alternative. d. undesirable sacrifice required to purchase a good.
Jennifer S.
An example of opportunity cost: a. Is sweets given up by a person who would never eat them even if he or she could. b. Is the Chinese food that you gave up when you chose to eat Italian food. c. Is the amount spent on buying movie tickets. d. For a professor of economics, it is the pleasure that he or she derives from teaching economics. e. Is the tuition that you pay to attend college.
What is an opportunity cost? IIow does the idea relate to the definition of cconomics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain. LOI
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