A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?

Q: In some countries the government makes most of the decisions about what will be produced, how it…

A: We have limited resources, but unlimited wants. Everyone wants more house, more water, more…

Q: If a producer is producing at point z and wants to move to point X, then what is the trade-off?

A: A production possibility curve is defined as that curve which shows different quantities of two…

Q: What role does the profit motive play in a market economy?

A: Profits are the factor payment to an organization. Profits are important for a business to run. If…

Q: Are all efficient outcomes also equitable? explain.

A: Economic Efficiency is defined as when all the resources that are scarce are evenly used and…

Q: An opportunity cost is the cost of

A: Formula for Opportunity Cost (OC): OC = Total Revenue (TR) - Economic Profit (EP)

Q: What is the Benefit-cost ratio?

A: The process of analyzing the total benefits and total costs associated with the implementation of a…

Q: what is the potential opportunity cost of watching a lot tv show.

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: What type of economists believe that markets naturally self-correct, and will reward good strategies…

A: Laissez fair economics theory advocates non-government intervention in the economic activity.  They…

Q: Being able to make an item at a lower cost than anyone else can make it is an advantage? True or…

A: To make any item at lower cost is always a plus point in the market.

Q: Based on the concepts of production and cost. PART A: Several years ago, hurricane Gilbert destroyed…

A: The farmers whose crops were destroyed by hurricane they face losses and whose crops left after the…

Q: What is opportunity cost and how can this concept be applied in real life?

A: In economics, opportunity cost is an important concept to study as it has significance in making…

Q: A __________ system is a method of making economic decisions that allows individuals and firms to…

A: In an economy, differ forms of markets are operated under different economic or market system.

Q: How does subjective value make "gains from trade" possible?

A: The subjective value can be considered to be as the significance a singular provides for a decent,…

Q: where

A: Resource implies to all the materials accessible in our environment which are technologically…

Q: in economics, decisions are necessary because are scarce, while . are practically unlimited. (A)…

A: Economics is the study of producing consuming and distributing goods and services.

Q: In capitalist economy, does it project a fair price for the consumer?

A: There are various types of economy . Capitalist economy, socialist economy and mixed economy . Where…

Q: . What is the benefit of something measured by what you are willing to give up?

A: Measuring the things which are going to be given up will help to compare the decisions, the cost and…

Q: opportunity cost

A: Opportunity cost is the loss of  benefit that could have been derived by choosing the not chosen…

Q: What thing is considered as an integral part of the capitalistic economy? One word

A: According to the given question Actually the capitalistic economy is also known by the other name…

Q: What is the opportunity cost of moving from point I to point D? Explain.

A: The maximum output of two items utilizing a fixed amount of input is measured by a production…

Q: In a market economy?

A: In a market economy, prices of goods and services and allocation of resources are determined by…

Q: In a culture where we are bombarded with other people trying to define us, how do we make decisions…

A: Culture defines an indiividual upbringing and also in the world of billions, people stand out in a…

Q: Which statement of the following is true ?

A: The cost functions like AC,TC,AVC,AFC depicts the functional relationship between output and…

Q: Your opportunity cost of going to a movie isa. the price of the ticket.b. the price of the ticket…

A: Opportunity costs are the costs incurred when choosing next best alternative

Q: What is scarce in economics

A: Economics is a subject of social science. It is commonly said that economics is the queen of social…

Q: People must make choices because the amounts of resources:    a. are unlimited.    b. are…

A: The employment of resources in the economy to create new goods and services to satisfy the wants of…

Q: What are the pros and cons of traditional economy?

A: ‘Traditional economy’ relies on custom & history. It assumes that all people are ‘rational’.…

Q: Choose the best answer from the options below: If you and your friend take turns making decisions…

A: Here, it is given that two friends are making decision by taking turn on which movie to watch and in…

Q: A production possibilities frontier is a straight line when Select one: a.the more resources the…

A: Production possibility frontier (PPF) depicts the varying levels of two goods that a society can…

Q: Although fiction isn't claiming to be True,it reveals truths about our world or the way (some)…

A: Fiction means that is related to somehow thought that may or may not be related to reality.

Q: What is an opportunity cost? Give an example from class or make up your own

A: Economics studies how scarce resources are allocated in a manner that most of the human needs are…

Q: What are Opportunity Costs? How is it different from Cost Benefits? (2 PAGES)

A: A producer's expenditure on factor and non-factor inputs for a specific amount of production of a…

Q: what is the difference between the concept of trade off and opportunity cost?

A: For the given question, the difference between trade offs and opportunity cost need to be discussed.…

Q: What would be the solution?

A: TFC = TC at 0 level of Output TC = TVC + TFC AVC = TVC/Output

Q: What is the opportunity cost of increasing the number of movies produced?

A: Opportunity cost refers to the given up benefits to obtain some other benefits.

Q: What is “Opportunity Cost”? You win $1000 in a basketball pool. You have a choice between spending…

A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…

Q: Political values are important because individuals often use values to Select an answer and submit.…

A: A political belief suggests how politics should work. The political culture explains how citizens…

Q: What do opportunity costs represent?

A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…

Q: Economics is the study of how a society manages its resources to

A:

Q: What is the opportunity cost in economics?

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: Incentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show…

A: The concept of scarcity is used to explain the existence of opportunity cost in economics. In the…

Q: How can opportunity cost affect behavior?

A: The opportunity cost of any activity is the benefit from the next best alternative foregone to…

Q: What is a good way to calculate opportunity cost?

A: Opportunity costs is the next best alternative. It is what you give up when you choose one from the…

Q: How does the scarcity of resources effect the decisions people make in their everyday lives?

A: Scarcity is the basic foundation for economic decision making process. It would simply means that…

Q: what first sink in your mind when we call applied economics

A: In an economy, the study of economics is further classified into parts such as public economics,…

Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…

A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…

Q: Advantages of market economy

A: A market economy  in which the forces of supply and demand generate price signals that drive…

Q: How does personal gain affect choices by individuals and government?  Resources are finite.  What…

A: Scarcity refers to the difference between limited resources and theoretically limitless needs, which…