Due to resource scarcity, O economic activities have opportunity costs generally lower than their market prices. some economic activities have an opportunity cost. O all economic activities have an opportunity cost. O economic activities have opportunity costs equal to their market prices.
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- What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. b. a. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. Opportunity cost is a cost associated with the allocation of abundant resources arnong alternative uses. Opportunity cost is a monetary measure of cost that takes into C. d. е. account only explicit costs, or costs that can be counted. + vi 6:58 9Suppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.In the use of the resources, it is important to any the concept of opportunity cost . Define oportunity cost in economic terms
- Economics In economics, Economies of Scope occur when: O The production possibilities curve is reduced to one good O It is less costly for a manufacturer to produce a new good if it is already producing another good O New products expand the scale of operations O Corporate vision is driven by long-term outcomes over short-term gainsProduction possibility curve shows maximum efficiency means O a. Resources are wasted O b. None of the options O. Resources are not wasted O d. Resources are not completely usedTRUE / FALSE Question: Specify below whether the expression in the question is true or false. The marginal cost of a good or service is the opportunity cost of producing one less unit of it. O True O False
- Which of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal ProductSpecify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.You rent a car for $29.95. The first 100 miles are free, but each mile thereafter costs 10 cents. You plan to drive it 200 miles. What is the marginal cost of driving the car beyond the first 100 free miles? O The marginal cost is $10.00 plus the cost of gas. O The marginal cost is whatever can be purchased with $29.95 plus $10.00. O The marginal cost is $29.95. The marginal cost is the cost of gas plus the initial payment.
- a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output produced (number of planes) using the table below: Instructions: Enter your responses as a whole number. Military output Consumer goods output Opportunity cost 0 100 1 95 2 80 b. As military output increases, opportunity cos 3 60 4 35 (Click to select) decrease remain constant increase 5 0a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output (number of planes) produced using the table below: Instructions: Enter your responses as a whole number. Military output 1 2 3 4 Consumer goods output 50 40 30 20 10 Opportunity cost b. As military output increases, opportunity costs (Click to select)Which of the following is not illustrated by a production possibility frontier (PPF)? Select one: a. the equilibrium price b. scarcity O c. productive efficiency d. necessity for choice e. opportunity cost