Which is the most correct answer that defines opportunity cost quizlet? [Solved] (2022)

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Which answer best defines opportunity cost?

Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word “cost,” we usually mean opportunity cost.... read more ›

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Which of the following correctly defines opportunity cost?

Opportunity cost is the forgone benefit that would have been derived from an option not chosen. To properly evaluate opportunity costs, the costs and benefits of every option available must be considered and weighed against the others.... read more ›

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Which best describes an opportunity cost quizlet?

Which statement best describes opportunity cost? Opportunity cost is the value in dollars of a trade-off.... continue reading ›

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What does opportunity cost refer to quizlet?

Opportunity cost can best be defined as the. value of what must be given up in order to acquire an item. The term opportunity cost refers to the. value of what is forgone when a choice is made. You have just bought a used car, and drive away satisfied that you've made a good deal on the purchase.... read more ›

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Which of the following is an example of an opportunity cost quizlet?

The cost of making a choice is that the next best alternative is forgone. This is know as opportunity cost. For example if a Government decides to make the choice of devoting more resources to the NHS then the opportunity cost is devoting those resources into the education system.... read more ›

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What is opportunity cost also known as?

Opportunity cost is commonly defined as the next best alternative. Also, known as the alternative cost, it is the loss of gain which could have been gained if another alternative was chosen. It can also be explained as the loss of benefit due to a change in choice.... continue reading ›

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What is opportunity cost in economics in simple words?

What is the simple definition of opportunity cost? Opportunity cost is the value of what you lose when choosing between two or more options. Every choice has trade-offs, and opportunity cost is the potential benefits you'll miss out on by choosing one direction over another.... see details ›

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What is an opportunity cost explain with an example?

Opportunity cost is the profit lost when one alternative is selected over another. The concept is useful simply as a reminder to examine all reasonable alternatives before making a decision. For example, you have $1,000,000 and choose to invest it in a product line that will generate a return of 5%.... see details ›

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Which of the following best completes the definition of opportunity cost the opportunity cost of choosing any one alternative is the?

The Option c is correct

Opportunity cost best describes when the difference between the value of the next best alternative forgone and the alternative selected is calculated.... see details ›

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Which scenario is the best example of opportunity cost?

The correct answer is a. A computer company produces fewer laptops to meet tablet demand. Opportunity cost defines the benefit obtained by having a commodity after forgoing some other commodity. In the problem statement, the computer company incurs an opportunity cost of laptops for tablets.... see more ›

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Which scenario is the best example of an opportunity cost quizlet?

Terms in this set (10) Which scenario is the best example of an opportunity cost? A computer company produces fewer laptops to meet tablet demand.... see details ›

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Which of the following best describes the opportunity cost of a year of college?

b) The dollar value of tuition, books, room, and board, all associated explicit expenses, and the interest that could have been earned on that sum, but NOT the income that could have been earned over that time period.... see details ›

Which is the most correct answer that defines opportunity cost quizlet? [Solved] (2022)

What is the opportunity cost of going to college quizlet?

The opportunity cost of a person attending college is the value of the best alternative use of that person's time, as well as the additional costs the person incurs by making the choice to attend college.... continue reading ›

Why is opportunity cost important when you make choices quizlet?

Opportunity cost is the most desirable alternative given up as the result of a decision. It is important because it creates opportunities and variation in the economy.... read more ›

Which of these is most closely associated with opportunity cost?

Which of these is most closely associated with opportunity cost? gross domestic product.... read more ›

What is the basic premise of an opportunity cost quizlet?

Opportunity Cost is when in making a decision the value of the best alternative is lost. e.g. choosing electricity over gas, the opportunity cost is what you've lost from not picking gas.... read more ›

What factors into opportunity cost?

Opportunity cost can be defined as weighing the sacrifice made against the gain achieved when making tough money, career, and lifestyle decisions.
...
Three Key Factors of Opportunity Cost
  • Money. ...
  • Time. ...
  • Effort/Sweat equity.
31 Jul 2019
... view details ›

Which of the following would not have an opportunity cost?

The correct answer is Sunlight. Sunlight does NOT have an opportunity cost. Opportunity cost is the loss of benefit or value that would have been derived from an option that is not chosen. In other words, it is the profit lost when one alternative is selected over another.... read more ›

What is an example of opportunity cost in business?

Opportunity cost examples

A business owner wants to add a new product to the lineup. It requires an upfront investment of $1,000 to build and market. The opportunity cost is the potential value of that money being spent elsewhere or saved for the future.... view details ›

Why opportunity cost is important in economics?

The concept of Opportunity Cost helps us to choose the best possible option among all the available options. It helps us use every possible resource tactfully and efficiently and hence, maximize economic profits.... see more ›

What is the opportunity cost of economic growth?

The opportunity cost of economic growth is current consumption forgone.... continue reading ›

What are three types of opportunity cost?

“Opportunity cost is the cost of making one decision over another. That can come in the form of time, money, effort, or 'utility'.”... view details ›

Which best describes an opportunity cost Edgenuity?

The correct answer is b. Benefits foregone by not choosing an alternative course of action. Opportunity cost is the future income or cost that would have been earned or incurred if this alternative was chosen.... read more ›

Which situation is the best example of opportunity cost a country chooses to produce bananas instead of wheat?

If it chooses to produce wheat, then the country's revenue from selling bananas is its opportunity cost for selling wheat. Thus, the company has two alternatives to choose from, which is an example of opportunity cost.... see details ›

What is the best definition of marginal cost?

Marginal cost refers to the increase or decrease in the cost of producing one more unit or serving one more customer. It is also known as incremental cost.... view details ›

Which of the following is part of the opportunity cost of studying for a college degree?

In short, the opportunity cost of going to college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.... continue reading ›

Why is going to college an example of opportunity cost?

The second component is opportunity cost, which represents the value of what someone must give up in order to attend college. For most people, the opportunity cost of a college education is equivalent to the wages that could have been earned by working instead of going to school.... view details ›

Is tuition an opportunity cost?

On average, three-fourths of the private cost—the cost borne by the student and by the student's family—of a college education is the income that college students give up by not working. A good measure of this “opportunity cost” is the income that a newly minted high school graduate could earn by working full-time.... see details ›

When the opportunity cost of an activity is high then quizlet?

The equilibrium price is $4 and the equilibrium quantity is 1372. When the opportunity cost of an activity is high, then: It must have high marginal benefits to be the subject of an economic exchange.... see more ›

Which of the following would not be part of the opportunity costs of going to college?

Which of the following would NOT be part of the opportunity costs of going to college? Money spent on clothes. You would have had to buy clothes whether you attended college or not. All the other costs could have been avoided had you decided not to attend college.... see details ›

What is the opportunity cost of current spending?

Opportunity Cost Definition

Opportunity cost is the value of what you lose when you choose from two or more alternatives. It's a core concept for both investing and life in general. When you invest, opportunity cost can be defined as the amount of money you might not earn by purchasing one asset instead of another.... see details ›

What is the opportunity cost of decision quizlet?

The opportunity cost of any choice is the value of the best alternative that had to be forgone in making that choice.... see more ›

What is opportunity cost in macroeconomics quizlet?

opportunity cost. the most desirable alternative given up as the result of a decision. thinking at the margin. the process of deciding whether to do or use one additional unit of some resource. cost/benefit analysis.... see details ›

How does opportunity cost affect decision making quizlet?

How does opportunity cost affect decision making? When we make decisions about about how to spend our scarce resources, like money or time, we are giving up the chance to spend money or time on something else. All individuals, businesses, and large groups of people make decisions that involve trade-offs.... see more ›

How do you find opportunity cost between two goods?

What you sacrifice / What you gain = opportunity costs.... see more ›

How do you find opportunity cost from a table?

Calculating Opportunity Cost - YouTube... read more ›

How does opportunity cost relate to the problem of scarcity?

Whenever a choice is made, something is given up. The opportunity cost of a choice is the value of the best alternative given up. Scarcity is the condition of not being able to have all of the goods and services one wants.... continue reading ›

What is opportunity cost simple definition?

Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else.... see more ›

Which of the following best describes the opportunity cost of a year of college?

b) The dollar value of tuition, books, room, and board, all associated explicit expenses, and the interest that could have been earned on that sum, but NOT the income that could have been earned over that time period.... continue reading ›

How is opportunity cost calculated?

You can determine the opportunity cost of choosing one investment option over another by using the following formula: Opportunity Cost = Return on Most Profitable Investment Choice - Return on Investment Chosen to Pursue.... see details ›

What is the principle of increasing opportunity costs?

The law of increasing opportunity cost is an economic principle that describes how opportunity costs increase as resources are applied. (In other words, each time resources are allocated, there is a cost of using them for one purpose over another.)... see details ›

What is the opportunity cost example?

Someone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it. At the ice cream parlor, you have to choose between rocky road and strawberry.... read more ›

What is an example of opportunity cost in business?

Opportunity cost examples

A business owner wants to add a new product to the lineup. It requires an upfront investment of $1,000 to build and market. The opportunity cost is the potential value of that money being spent elsewhere or saved for the future.... see details ›

Which statements demonstrate the meaning of opportunity cost?

Which statements demonstrate the meaning of opportunity cost for producers and consumers? - If producers can only produce one item, they must decide which item to produce based on profit. - Consumers are limited by their resources, and must give up the chance to purchase one item in order to buy another.... see more ›

What is the opportunity cost of going to college quizlet?

The opportunity cost of a person attending college is the value of the best alternative use of that person's time, as well as the additional costs the person incurs by making the choice to attend college.... read more ›

Which of the following describes the opportunity cost of attending college?

In short, the opportunity cost of going to college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.... see details ›

Why is going to college an example of opportunity cost?

The second component is opportunity cost, which represents the value of what someone must give up in order to attend college. For most people, the opportunity cost of a college education is equivalent to the wages that could have been earned by working instead of going to school.... view details ›

How many types of opportunity costs are there?

The two types of opportunity costs are explicit opportunity cost and implicit opportunity cost. Explicit opportunity cost has a direct monetary value.... read more ›

How do you find opportunity cost from a table?

Calculating Opportunity Cost - YouTube... read more ›

Why is opportunity cost important?

The concept of Opportunity Cost helps us to choose the best possible option among all the available options. It helps us use every possible resource tactfully and efficiently and hence, maximize economic profits.... view details ›

What is the law of increasing opportunity cost quizlet?

The law of increasing opportunity costs states that: if society wants to produce more of a particular god, it must sacrifice larger and larger amounts of another good to do so.... view details ›

What is the main effect of increasing opportunity costs quizlet?

the primary effect of increasing opp. costs is less than complete specialization.... continue reading ›

Why does opportunity cost decrease?

Decreasing opportunity cost states that in producing more units of one commodity, one has to forego lesser and a lesser amounts of another commodity. This does not happen in practice.... see more ›

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