**The Principle of Opportunity Cost:**- ○ is more relevant for firms than for individuals.- ○ only refers to monetary payments.- ○ is applicable to all decision-making.- ○ is only relevant in economics. **Question:**If the price of chili increases, there will be _______ of chili cheese fries.**Options:**- ○ an increase in the quantity supplied- ○ a decrease in the quantity supplied- ○ a decrease in the supply- ○ an increase in the supply**Explanation:**This question tests your understanding of supply and demand principles. When the price of a component like chili rises, it can affect both the supply and quantity supplied of related products like chili cheese fries. Consider how this price change impacts production costs and the willingness of producers to supply these goods at existing prices.

1) is applicable to all decision making Opportunity cost is the foregone income that could have…

Answered: The principle of opportunity cost: O is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Please provide steps by step answer with proper explanation with final answer All options are explain pls ...
The Deepwater Horizon natural resource damage case against BP was settles out of court, and BP agreed to pay $8.1 billion in natural resource damages. This amount was than the damages estimated from the travel cost study designed to measure these losses, and it was than the damages estimated from the contingent valuation study designed to measure these losses. Select one: O a. Greater; greater. O b. Less; less. Oc. Less; greater. O d. Greater; less.
The first building that is constructed by a construction company will take longer to construct than the 10th building that is constructed by the same company. This is because the company will become more efficient at constructing buildings as they do more of them. What is this phenomenon known as? O a. Learning-curve effect O b. Network effect O c. Customization O d. Economies of scope E
In a capitalist system, markets must satisty theee features Which of the following is not one of those features O Reciprocal O Voluntary O Competitive O Fived prices
options: 1) Neither productive or allocative efficiency are achieved 2) Both productive and allocative effociency are achieved 3) Allocative effociency is achieved but productive efficiency is not 4) Productive efficiency is achieved but allocative is not please clarify with answer
Mario's company definitely has economic losses in which of the following situations? O Implicit opportunity costs exceed direct financial costs. O Total revenue exceeds implicit opportunity costs. Total costs exceed total revenue. O Total revenue exceeds direct financial costs.
Explain all option compulsary......you will not explain all option then I will give you down upvote...
5. Ya'qub is going on vacation for 10 days. He is spending SR2000 on the plane ticket, SR500 for food accommodation. He gets paid by the hour and will lose SR3000 for not working and SR100 on hotel 10 days. a. What is his explicit cost? b. What is his implicit cost? c. What is his opportunity cost?
Economies of scale in production and sale is one of the sources of possible... Select one: O a. Economic Constraints O b. None of the mentioned options c. Economies of scope O d. Exit barriers
15) Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000. What is her economic protit? 15) A) S17,000 B) $25,000 C) $42.000 D) S47,000
1
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.

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

The principle of opportunity cost: O is more relevant for firms than for individuals. O only refers to monetary payments. O s applicable to all decision-making. O is only relevant in economics.