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Microeconomics
5th Edition
ISBN: 9781319098780
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Question
Chapter 1, Problem 2P
To determine
To describe:
some of the
- Attend collage instead of taking a job
- Watch a movie instead of studying for an exam.
- Ride the bus instead of driving your car.
Concept Introduction:
Opportunity cost: The opportunity cost is defined as the next best activity forgone. This means that if we have to produce more capital goods instead of consumer goods we have to divert more resources for producing capital goods, so there is an opportunity cost for producing more capital goods instead of consumer goods.
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