The opportunity cost of an action is a) the money that you pay take it b)the Value of the best alternative forgone c) the difference between the Value you get and the price that you pay for it d) the value you place on its result e) everything that you forgo when you take it.

Q: Shannon has decided to spend less time on social media because she needs to improve her grades. What…

A: In economics, an opportunity cost represents the potential benefits a consumer, individual or…

Q: Individuals make trade-offs to a. determine economic values b. cooperate with others c. minimize…

A: Trade off is exchanging something of value. It is kind of relationship between two parties who…

Q: Identify some essential elements common to any rational decision-making process?

A: Rational decision making is a complex process that contains nine essential elements. These are as…

Q: What is the term for something lost when an economic choice is made? captial Relative cost Tarriff…

A: The economics is study of scarce resources and its alternative uses. The problem of allocation…

Q: Are options b through h correct or incorrect?

A: The question is asking about the possible reasons for which imports can be limited. Different…

Q: Which of the following factors do rational actor consider LEAST? a. cost to the producer b. personal…

A: Rational choice theory: It refers to a theory in which individuals use rational calculations to make…

Q: If behavior is governed by rational self interest why do people make charitable contributions of…

A: Rational self-interest doesn’t mean pure selfishness and greed. It is not blind materialism. It…

Q: Attempts Average / 1 1. Understanding opportunity cost You work as an assistant coach on the…

A: Earnings per hour as a coach=$13 Carnival admission fees=$9 Attending the carnival includes two…

Q: Explain a situation where you had to make a choice given different options due to limited resources?

A: The situation narrated in the question which involves making a choice given different choices and…

Q: What we sacrifice, or give in return, when we make a decision or make a choice is: Response option…

A: Since the resources are scarce, there is a tradeoff between goods.

Q: How do you evaluate your opportunity cost in terms of the alternative decisions that you have to…

A: Oportunity cost is the following best elective which we have renounced because of purpose of present…

Q: Are options b through e correct or incorrect?

A: A price ceiling is the commanded most extreme amount a dealer is permitted to charge for a product.…

Q: What type of cost arises from making decisions? a. opportunity b. total с. fixed d. marginal e.…

A: In economics, decision making is the process which includes the decision of a rational individual in…

Q: opportunity cost

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

Q: Due to heavy rains the price of ground produce increases. which core principle is represented in…

A: Due to heavy rains the price of ground produce increases. The core principle which is represented in…

Q: If the opportunity cost of going to prison for some person falls, this person is less likely to…

A: Opportunity Cost: The opportunity cost is the opportunity that a person loses to get engage in it.…

Q: Purposeful behavior means that:        people are selfish in their decision-making.        people…

A: Purposeful behavior means that people weigh costs and benefits to make decisions.

Q: Identify the types of opportunity cost that people often undervalue,and explain why undervaluing…

A: Opportunity cost is equal to the value of the next best alternative foregone. In other words, the…

Q: You own a DVD of the film 'A Beautiful Mind'.  The opportunity cost of watching the DVD the second…

A: There are various cost in the economy like variable cost, fixed cost, and opportunity costs.…

Q: Which choice could help a student prove the claim made in Document B? 1. Statistics indicating a…

A: Prices refer to the amount that consumers in a particular market are willing to pay in exchange for…

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: economic problems is a result of( resources are unlimited and wants are limited it is true or false…

A: The measure that depicts the area of production, trade, distribution and consumption of services and…

Q: When people make a choice it is something the basis is more benefit than cost more useful to you…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Identify a recent purchase that you made, recently, and determine how scarcity influenced your…

A: Scarcity refers to the finite existence of a resource, or commodity. Humans need a number of goods…

Q: An important trade-off you’re recently faced Describe an incentive your parents offered to you in an…

A: Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one…

Q: Is the opportunity cost of an action a subjective evaluation?

A: Subjective evaluation refers to the judgment based on personal beliefs and opinions. According to…

Q: Rational choice is made by comparing different incentives. is what you must give up to get what you…

A: C is a choice that uses the available resources to best achieve the objective of the person in…

Q: When individuals face viable alternatives, a) there is choice b) there is always cost c) A and B…

A: A choice or possible solution that might work is referred to as a viable alternative.

Q: Timothy quits his job which pays $59,000 a year, to enrol in a 3-year graduate program.  His annual…

A: Given, Salary from job = $59,000 per year  Tuition expense= $60,300  Books expense = $9,500  Food…

Q: aking Effective Decisions ften illustrated with a graph or a table, shows the results under…

A: the opportunity cost of a specific action choice is the deficiency of significant worth or advantage…

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: a)  Describe an important trade-off you recently faced. b) Define opportunity cost and give an…

A: a. Trade off refers to the situation where some amount of goods should be given up in order to gain…

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: Describe 3 ways in which human decision making differs from the rational individual conventional…

A:

Q: Complete the following table by computing the opportunity cost of Juanita's time and the total cost…

A: The total cost incurred will be the summation of the price of the dress and the opportunity cost of…

Q: Describe three ways in which human decision making differs from the rational individual conventional…

A: The study of psychology and economics reveal that the human decision making is more complex and…

Q: True/False A change in opportunity costs would probably change a persons behavior

A: # Opportunity cost is referred to be as the cost of the next best alternative foregone. The concept…

Q: Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: The opportunity cost to you of an action is A. how much you must pay for the opportunity to take the…

A: The opportunity cost can be defined as the cost of one option when another option is choosen.

Q: You have two choices for how you are going to spend Saturday evening. You can go to the pub with…

A: Answer 1 (a) An opportunity cost is the benefit an individual gets from the next best alternative…

Q: c) is the value of the next best alternative foregone in making a choice

A: Opportunity cost can be defined in simple words as, the letting the other options go for selecting…

Q: Is it the possible for a person incur an opportunity cost without spending money?

A: Opportunity cost refers to the resources that are given up to produce some other good. Yes, it is…