What are the decisions that people have usually made that incurred opportunity costs?

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: Suppose Alphonso’s town raised the price of bus tickets to $1 per trip (while the price of burgers…

A: Given information: The price of bus tickets rises to = $1 per trip Price of burger = $2 Budget = $10

Q: What is opportunity cost?

A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…

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: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…

A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…

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: Class, if I give you a “free” ticket to the Opera House downtown, would you necessarily go? How can…

A: Opportunity cost is the value of next best alternative, that is benefit that could have been derived…

Q: The term "opportunity cost" points out that *

A: In economics, there are different types of costs associated with a specific economic activity and…

Q: What is your opportunity cost of taking this course at Berkeley College? How does the role of…

A: Opportunity cost refers to the next best alternative for use of a resource. The one a person…

Q: How does the concept of opportunity cost apply to personal decisions when you have limited income…

A: Opportunity Cost : The opportunity cost is referred as a forgone benefit that would have been…

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: how do you deal with opportunity cost

A: Opportunity cost is the cost or value of the next best alternative which an individual foregoes to…

Q: What is a trade-off? Give two examples of trade-offs that you face in your life.

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: What is an Opportunity Cost in economics? Answer by giving an example.

A: Opportunity costs are the cost that represents the potential advantages an individual, investor, or…

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: Is there a pattern in opportunity cost changes?

A: Opportunity cost is a micro economics concept refer to the lost of the potential benefit for an…

Q: List two opportunity costs a law student may incur in order attend law school. Do you think two…

A: Opportunity cost refers to the value of the next alternative that is best suitable for an…

Q: The presence of scarcity means that no choices come without

A: Trade-offs or a trade-off is a situation in which a person has to take a decision that involves…

Q: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

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 have 5 kids and work 2 jobs to help support your family. You work a day job from 8:00 am to 4:00…

A: Production possibility frontier is a graphical representation that shows different possible outcomes…

Q: Give an Example how a change in opportunity cost can effect behavior.

A: The opportunity cost refers to the cost of the next best alternative foregone while making a…

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

A: Total cost includes explicit and implicit costs. Explicit costs are the actual out of the pocket…

Q: Give an example to illustrate how a change in opportunity cost can affect behavior.

A: Opportunity cost refers to the given up benefit during the process of gains some other benefit. For…

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: What is the name for something that changes the trade-offs that people facewhen making a decision?

A: A trade-off is a situation in economics where making one choice or purchasing one good means losing…

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: 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: Describe the opportunity cost approach?

A: The opportunity cost approach is the approach where the concept of opportunity cost is used to solve…

Q: What is the difference between opportunity cost and trade-off? Please explain.

A: Opportunity cost:- Opportunity cost denotes the value of the best choice that you give up. It can be…

Q: If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than…

A: Opportunity cost is the cost of all the benefits from one decision that are forgone for some…

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

A: Introduction: The sum of all costs spent by a firm in achieving a given level of production is known…

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: When do we use Opportunity-Cost Approach?

A: The opportunity - cost approach helps to determine the second best alternative available or an…

Q: describe an important trade-off that you recently faced and give an example of some action that has…

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

Q: .Explain why opportunity cost is the best forgone alternative and provide examples of some…

A: The cost of the best alternative being foregone depicts the opportunity cost. It is being found out…

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: Does an increase in the opportunity cost mean that you have to give up more to obtain something…

A: The benefit which is forgone that would, in turn, had been derived through an option not being…

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…