Multiple Choiceshift of the production possibilities curve from PPto PP2move from B on PP to E on PP2move from B on PP to C on PP1move from D inside PP;to B on PPt< Prev 23DPP PP PPConsumer GoodsRefer to the diagram. The concept of opportunity cost is best represented by theMultiple ChoiceCapital GoodsC)

Answer: option c (move from B on PP1 to C on PP1) Explanation: Opportunity cost in the case of the…

Answered: B. PP PP PP Consumer Goods Refer to the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which two arrows in the diagram depict the following transaction: Stanley purchases the novel, "Night of Sorrows" for his summer reading pleasure. OA. J and G OB. K and G OC. K and M O D. J and M Households M Product O Markets K G Firms Factor Markets
Use the following production possibilities below to answer the following questions. Production Possibilities Frontier 200 Soybeans Shipping (in tons) Containers 175 200 150 100 180 200 150 125 300 100 100 400 40 450 75 50 25 100 200 300 400 Soybeans (in tons) Shipping Containers
Which of the following statements about the use of resources is not one of the key questions in economics? a) How are resources used? b) Where are resources used? c) For what are resources used? Od) For whom are resources used?
2. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when firms v purchase factors v in factor markets. Suppose Teresa earns $875 per week working as a corporate attorney for Rowan and Martin Associates. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Sam $350 per week to wait tables. Sam uses $200 to purchase legal service from Rowan and Martin Associates.
What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. b. a. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. Opportunity cost is a cost associated with the allocation of abundant resources arnong alternative uses. Opportunity cost is a monetary measure of cost that takes into C. d. е. account only explicit costs, or costs that can be counted. + vi 6:58 9

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B. PP PP PP Consumer Goods Refer to the diagram. The concept of opportunity cost is best represented by the Multiple Choice Capital Goods