Which of the following is the best definition of the opportunity cost of a decision? The sum of all benefits from all foregone alternatives. Actual financial cost of a decision. The difference between the benefits of the first and second best choices. Benefits from the best foregone alternative.
Which of the following is the best definition of the opportunity cost of a decision? The sum of all benefits from all foregone alternatives. Actual financial cost of a decision. The difference between the benefits of the first and second best choices. Benefits from the best foregone alternative.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of the following is the best definition of the opportunity cost of a decision?
The sum of all benefits from all foregone alternatives.
Actual tinancial cost of a decision.
The difference between the benefits of the first and second best choices.
Benefits from the best foregone alternative.
Transcribed Image Text:03 00 00
of 60
Why is there no such thing as a completely "free" market?
The division of labor makes trade necessary.
Free markets do exist, since politicians talk about them all the time.
O Every market is subject to the restrictions imposed by those who have the authority to do so.
Scarcity dictates that one must give up something to get something else.
Which of the following can result from overly burdensome regulations on markets?
Stimulation of private enterprise within the regulated industry.
Underground economies that operate outside of the law.
Guaranteed availability of the regulated good or service.
Lower cost of production of the regulated good or service.
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