The opportunity cost of an activity includes the value of:
A) all of the alternatives that must be forgone.
B) the next-best alternative that must be foregone.
C) the least-best alternative that must be foregone.
D) the chosen activity minus the value of the next-best alternative.
Correct Answer:
Verified
Q35: If individuals are rational, they should choose
Q36: Economists believe the Cost-Benefit Principle is:
A)a simple
Q37: Economists use abstract models because:
A)every economic situation
Q38: The economic surplus of an action is:
A)the
Q39: Suppose the most you would be willing
Q41: Suppose the total benefit of watching 1
Q42: You paid $35 for a ticket (which
Q43: Pat earns $25,000 per year (after taxes),
Q44: Matt has decided to purchase his textbooks
Q45: The extra benefit that results from carrying
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents