Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.

Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 3QFR

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What we sacrifice, or give in return, when we make a decision or make a choice is:Response option group a) A cost that can be avoided if we make well-thought-out decisions. b) The opportunity cost of said decision. c) The cost incurred for not making a good decision. d) The additional cost of purchasing an additional unit of product.
The opportuņity cost of a purchase is: A) always equal to the selling price of what you purchased. the alternative good or service that one sacrifices because a different good B) was purchased. O ) the lowest possible price. D) zero if the item is what you want most.
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Making a choice at the margin means? Deciding to do a little bit more or a little bit less of an activity. Spending your available grocery budget on the most essential items. Waiting until the last minute to decide what to do. Making a choice by comparing the total benefit and the total cost of an action.
Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost outweighed the benefit).
A rational person will a) never make mistakes in choices. b) select the choice where the expected present benefit is greater c)follow the Maslow Hierarchy of wants. d) be uncaring and void of emotions.
You are on a cruise in the Caribbean Sea, which cost $1,000. On this particular day you have the choice between two activities, both of which would provide marginal mental benefits to your state of mind. The first is a scuba diving trip whose cost was included in the price of the cruise (you get to swim with a school of hammerheads). The second is a shopping spree on St. Thomas that would cost you $500. Which costs and benefits (select all that apply) should you consider when deciding which activity to undergo? The $1,000 cost of the cruise. All of the above. The marginal benefits of the shopping trip. The $500 cost of the shopping trip. The marginal benefits of the scuba trip.
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Kamryn is deciding between three potential activities on Saturday evening: 1) Staying at home and watching her favorite television show, an activity that she values at $18 and that entails no out-of- pocket costs. 2) Going to the movies with her sister to see the latest blockbuster action film, an activity she values at $30 and that entails $15 in out-of-pocket costs. 3) Going out to dinner with her best friend, an activity she values at $40 and that entails $23 in out-of-pocket costs. a. Which activity should Kamryn choose? b. What is Kamryn's opportunity cost of going to the movies? Instructions: If you are entering a negative number, be sure to include a negative sign (-). $ Staying at home and watching her favorite show O Going out to dinner with her best friend Going to the movies with her sister $ c. Relative to her next best alternative, what is Kamryn's economic surplus from going to the movies? Instructions: If you are entering a negative number, be sure to include a negative…
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