The opportunity cost principle states that the true cost of something is the least desired alternative you have to give up to get it. economic surplus you receive from getting it. economic surplus you give up to get it. next best alternative you have to give up to get it.

Eric is training to run a marathon. Consider the following sentence: Eric has only 20 hours per week that he can devote to training for his race.   Which basic concept of individual choice does this sentence best illustrate? People usually exploit opportunities to make themselves better off.   A. Resources are scarce.   B. All costs are opportunity costs.   C. Many decisions are made on the margin.

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.

the data to ansSwer the questions that come after. Assignment Part I: Cassian is attending a football game at the University of Georgia It's a hot and sunny day and he is really thirsty so he decides to buy a slushie. Each slushie costs $4 at the concession stand. Complete the table and questions below. 1. What is the marginal cost of each slushie? 2 Calculate the marginal benefit from each slushie and answer Yes or No whether Cassian should purchase it. Should he purchase Total Benefit of Marginal Benefit of Quantity of Slushies the slushie? Yes or Slushies Each Slushie No 1 8. 2. 14 3. 18 4. 20 18 6. 13 3. What is the maximum number of slushies Cassian will purchase?