The concept of opportunity cost is that the economic cost of using a factor of production is the alternative use of that factor that is given up. O the cost of production varies depending on the opportunity for technological application. O taking advantage of investment opportunities involves costs. O in a market economy, taking advantage of profitable opportunities involves some money cost.
The concept of opportunity cost is that the economic cost of using a factor of production is the alternative use of that factor that is given up. O the cost of production varies depending on the opportunity for technological application. O taking advantage of investment opportunities involves costs. O in a market economy, taking advantage of profitable opportunities involves some money cost.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter2: Choice In A World Of Scarcity
Section: Chapter Questions
Problem 2SCQ: Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that...
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![The concept of opportunity cost is that
the economic cost of using a factor of production is the alternative use of that
factor that is given up.
O the cost of production varies depending on the opportunity for technological
application.
O taking advantage of investment opportunities involves costs.
O in a market economy, taking advantage of profitable opportunities involves
some money cost.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27f9b19a-62f4-4407-b17f-fe4379f002a6%2Fb3eafce0-0bd8-453d-a33b-ad368c5fe887%2Feu40yk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The concept of opportunity cost is that
the economic cost of using a factor of production is the alternative use of that
factor that is given up.
O the cost of production varies depending on the opportunity for technological
application.
O taking advantage of investment opportunities involves costs.
O in a market economy, taking advantage of profitable opportunities involves
some money cost.
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