Question: Question 1 0 ( 4 points ) Saved 3 What is the term for giving up one choice for another opportunity? choice cost opportunity cost

Question 10(4 points)
Saved
3
What is the term for giving up one choice for another opportunity?
choice cost
opportunity cost
direct cost
implicit cost
explicit cost
Question 10(4 points) Saved 3 What is the term for giving

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

..Please help solve the following micro-economic questions.. Not copied from other tutors or sources. Please answer the below questions 1. Question 1. (Show all calculations] Zack owns a vineyard...

Q:

Hi tutor, I have been assigned to develop a master budget for airline industry and the airline we have chosen is Qantas. In master budget,I have to make following budgets, 1)Sales Budget 2)Production...

Q:

Hi thank you for good job you do. Please kindly look over attach. Thank you sir. Kind regards, QUESTION 1 Incorrect 0.00 points out of 5.00 Appropriate Transfer Prices: Opportunity Costs Plains...

Q:

1040 Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return (99) 2018 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing status: Single X...

Q:

1040 Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return (99) 2018 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing status: Single X...

Q:

1040 Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return (99) 2018 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing status: Single X...

Q:

This is an answer check. I need help checking or answering my questions on my economics homework Economics is best defined as the study of O prices and quantities. O inflation and interest rates. O...

Q:

Question 1 Not yet answered Points out of 1.00 Flag question Question text Which of the following areas shows the connection between economics and management? Select one: a.Financial analysis...

Q:

After Victoria arrived at Maria's house, they both started enthusiastically preparing the document that they should present to a major investment fund in Madrid early next month. The idea was simple:...

Q:

Answer with clear explanation. Question 1 (total 15 points). A firm has a production function:f (K, Z) = 50LK05 + L2 K2 - 13 K3 a. What is its short-run production function if capital is fixed at...

Q:

What is the major criticism of Herzbergs two-factor theory of motivation? Do you think it makes a contribution to the better understanding of motivation in the workplace?

Q:

Suppose that the government decides to guarantee an above-market price for a good by buying up any surplus at that above-market price. Using a conventional supply-demand diagram, illustrate the...

Q:

The following are the actual results for Bentler Associates for the most recent period: Sales volume 66,000 units Sales revenue $ 858,000 Variable costs Manufacturing 202,880 Marketing and...

Q:

Question 2 of 3 8 You are creating a control plan for a manufacturing process. Which task should you do first? Specify the set of action triggers to use. Identify the desired specification. Specify...

Q:

Some have speculated that in addition to increasing the validity of decisions, employing rigorous selection methods has symbolic value for organizations. What message is sent to applicants about the...

Q:

Discuss how the following trends are changing the skill requirements for managerial jobs in the United States: (a) increasing use of computers, (b) increasing international competition.

Q:

Does it have correct contact information?