Question: Which of the following best describes the concept of opportunity cost in economics? A) The total cost of producing a good or service B) The monetary cost of purchasing a good or service C) The value of the next best alternative forgone when a decision is made D) The additional cost incurred when producing one more unit of a good or service

Question: Which of the following best describes the concept of opportunity cost in economics? A) The total cost of producing a good or service B) The monetary cost of purchasing a good or service C) The value of the next best alternative forgone when a decision is made D) The additional cost incurred when producing one more unit of a good or service

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Use the following table to answer the question below. Jane's Production Possibilities Schedule…

A: The given data shows the production schedule for Green beans and corn. Pounds of green beansPounds…

Q: A good economic theory …. Group of answer choices captures the essence of the economic concepts…

A: The study of economics represents the allocation of scarce resources in such a way that there should…

Q: 16 "Creative destruction" is the name given to: Select one or more: a. The process of…

A: Answer (16) Creative destruction refers to the deliberating and dismantling of old establishments in…

Q: If the input is fixed, the goal is to (minimize or maximize) the present worth of benefits.

A: Every firms decides to get a positive return on the expenses incurred by it on the production of…

Q: How many plates of claims will Bob consume in total?

A: The consumption done by the individual provides the marginal benefit to the consumer and the…

Q: Question 1 a. Draw a production possibilities curve for a hypothetical economy producing capital…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: Creative Homework/Short Project As an account executive with a market research firm, you are…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: 01. What is the per-unit opportunity cost of product X as production moves from point B to point D?…

A: Opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain…

Q: Question 20 (1 point) When the price of a good in a market is above equilibrium:

A: Q1) when price is above equilibrium then this is situation of surplus where quantity supplied…

Q: Attempts Average / 1 1. Understanding opportunity cost You work as an assistant coach on the…

A: Earnings per hour as a coach=$13 Carnival admission fees=$9 Attending the carnival includes two…

Q: 8. Question 8 options: Absolute cost advantage theory was proposed by--------

A: Ans. Absolute cost advantage theory explains that a country or business produces and exports goods…

Q: The opportunity cost of going to school instead of working is the cost of a) housing. b) potential…

A: In financial matters, the cost analysis incorporates two unique sorts of expenses. The first is the…

Q: Theory as model building A firm's supply depends on the prices of the good and of the materials used…

Q: When a student chooses to take an exam instead of skipping it for a hunting trip, what is the…

A: Student has options either take an exam or go for hunting trip. Student decides to take exam…

Q: Airplanes Cruise ships (number) Possibility (number) А 100 B 80 20 50 40 D 60 The table above gives…

A: Answer (D) all The production possibility frontier (PPF) is a curve that depicts all possible…

Q: The cost of Next best alternative forgone is called

A: In economics, the cost are categories in two term, one is explicit cost and second is implicit cost

Q: Which expression is another way of saying "marginal benefit"? Total benefit Profit Extra benefit…

A: Marginal Benefit is the additional benefit received when an extra unit of output is sold. For…

Q: 27. Economists who develop models which they use to make predictions are engaged in a) micro…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Why might it be useful to place values (i.e., "price") on our environmental and natural resources?…

A: The economy is the study of the economy which includes the study related to production, consumption,…

Q: efficiency

A: The efficiency depicts the situation when the resources are utilized efficiently or at their best to…

Q: I. Theoretical Analysis 1. Each individual student or team (two students max) must find an article…

A: Nominal value in economics is measured in terms of money, whereas real value is assessed in…

Q: Opportunity costs are considered to be sunk fixed costs rather than an avoidable cost. (a) True (b)…

A: Avoidable costs are defined as those costs which are incurred when certain opportunity is taken up…

Q: 5. A production possibilities frontier shifts outward when the economy experiences economic growth…

A: The Production Possibility Frontier is the graphical representation of the maximum output of two…

Q: Match the term with its definition. 1) abundance (n) a) to have or provide smth that is needed or…

A: Economics is considered to be a social science that focuses on the distribution, production, and…

Q: In the space below, draw and label the production possibilities curve using the schedule above.…

A: Note: Since you have posted a question with multiple subparts, we will solve the first three…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define Cost(C) in economics

VIEW

Step 2: Choose the correct option

VIEW

Step 3: Explain incorrect options

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

The basic economic argument is that humans face the big problem of __________. That big problem means we have to choose what we do with our resources. Economists believe that improving ___________ will help use those resources to satisfy the most wants possible. Group of answer choices a. scarcity; efficiency b. efficiency; scarcity c. wants; resources d. resources; wants
Q) .For a given question to be considered an economic question, it would need to involve:(a)money.(b)business.(c)a graph.(d)limited resources only.(e)limited resources and making a choice. Explain this with correct choice.
What is the nature of an opportunity cost? a It is always variable. b It is a potential benefit. c It is included as part of cost of goods sold. d It is a sunk cost.
12) Job A) specification B) rotation C) enrichment D) enlargement E) sharing occurs when two people do one job. 12)
Plzz give the answer of second question.
1. If a certain combination of goods or services lies outside the production possibilities curve of an economy, which of the following is true? ( (A) Effective trade barriers have reduced foreign imports into the economy. (B) New technology is being used in production. (C)Resources are not available to achieve that combination of goods or services. (D)Resources are not being used efficiently to achieve that combination of goods or services. (E) Resources are being used at a more rapid rate than they were in the past. 2. According to the graph left, an increase in aggregate supply will most likely cause income and employment to change in which of the following ways? ( Aggregate Supply Aggregate Demand GROSS DOMESTIC PRODUCT Income Employment (A) Decrease (B) Decrease (C) No change (D) Increase (E) Increase Decrease Increase Increase Decrease Increase PRICE LEVEL
Which of the following is a microeconomic problem? (A) the reasons why average prices are falling (B) the reasons Kathy is buying less orange juice (C) the reason why overall employment may fall (D) the impact of the government budget deficit on inflation
QUESTION 4 a. Explain any two process technologies for materials. b. Discuss any three factors that will help to determine the type of production process used. c. Distinguish between design capacity and effective capacity. Provide a brief example. d. Why is the capacity decision important? e. A regional bank training center has the physical ability to handle 1,300 participants. However, management personnel believe that only 1,100 participants can be handled effectively for most training sessions. The last training session, although forecasted to have 1,000 participants, resulted in the attendance of only 990 participants. Calculate the utilization and efficiency of the training facility.
a) At 200 units of the activity, marginal benefit is $__________ and marginal cost is $__________. b) Adding the 200th unit of the activity causes net benefit to __________ (increase, decrease) by $__________. c) At 700 units of the activity, marginal benefit is $__________ and marginal cost is $__________. d) Subtracting the 700th unit of the activity causes net benefit to __________ (increase, decrease) by $__________. e) The optimal level of the activity is __________units. At the optimal level of the activity, marginal benefit is $__________ and marginal cost is $__________.
1. What are the characteristics of a good theory? What makes a theory practical? How can an entrepreneur use the resource-based theory for his or her advantage? 2. Explain the problems we would have if there was a “law of entrepreneurship.” 3. How does each of the four attributes of resources contribute to SCA?
Question: In terms of economics, why would American soybean producers care about the weather in South America?
ECN 210 Dr. M. Di Liberto Principles of Economics I: Microeconomics Worksheet - Chapter 2 Problem 1 Suppose there are three techniques for producing 1 wool blanket (Techniques 1, 2, and 3), as shown in the table above. а. Given the resource prices shown, which production technique would the firm use? Why? b. Suppose the firm can sell blankets for $26 each. Would the firm be profitable? c. Assume a new technique is developed that economizes on the relatively expensive labor. It requires 2 units of land, one unit of labor, 3 units of capital, and 1 unit of entrepreneurial ability. Would the firm adopt this new technique? d. Suppose the firm's cost of capital rises to $5, all other values being the same. Which technique would the firm now choose? Price per Unit of Resource Resources Required Resource Technique 1 Technique 2 Technique 3 Technique 4 Units Costs Units Costs Units Costs Units Costs Land $2 2 3 Labor $4 2 1 Capital Entrepreneurship $3 $5 1 2 3 1 1 1 1 Total Price per Unit of…