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Macroeconomics 10th Edition by William McEachern
Edition 10ISBN: 978-1133188131Macroeconomics 10th Edition by William McEachern
Edition 10ISBN: 978-1133188131 Exercise 2
OPPORTUNITY COST Determine whether each of the following statements is true, false, or uncertain. Explain your answers:
a. The opportunity cost of an activity is the total value of all the alternatives passed up.
b. Opportunity cost is an objective measure of cost.
c. When making choices, people carefully gather all available information about the costs and benefits of alternative choices.
d. A decision maker seldom knows the actual value of a forgone alternative and therefore must make decisions based on expected values.
a. The opportunity cost of an activity is the total value of all the alternatives passed up.
b. Opportunity cost is an objective measure of cost.
c. When making choices, people carefully gather all available information about the costs and benefits of alternative choices.
d. A decision maker seldom knows the actual value of a forgone alternative and therefore must make decisions based on expected values.
Explanation
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a.Opportunity cost is the cost of the be...
Macroeconomics 10th Edition by William McEachern
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