OD. It influences producers . It exists because resources are scarce. It influences consumers. given up. The value of the next-best alternative should be considered when choosing among production possibilities, calculating the cost of capital, analyzing comparative advantages, and even choosing which product to buy or how to spend time. Your opportunity cost of babysitting is high. The word “cost” is commonly used in daily speech or in the news. Self-interest. Resources such as raw materials are in finite supply and must be allocated to their best use. $0. It encourages people to spread their resources around.Which of the following statements about opportunity cost are true? A)additional cost from one more unit of an activity. B) $75 she earned. Because resources are scarce, everyone has to make choices. d. limited resources cannot satisfy all of the wants in society . Opportunity cost is the value of what you lose when choosing between two or more options. Greed. . Poverty. Question: Which of the following statements about opportunity cost are true? b. technology is not fixed in the economy . 3 Answers. $40. Economics deals with the basic fact that scarcity exists in our everyday lives and in our economy. Resource variability is the idea that all inputs are not equal; some are better for producing certain goods than they are for producing other goods. Opportunity-cost evaluation has many practical business applications, because opportunity costs will exist as long as resource scarcity exists. O c. scarcity. Opportunity Cost is indeed a measurement of sacrifice as it is the cost of the next best alternative foregone in other to be able to make the current decision. For example, a student may have to choose between doing A levels and going for a diploma right after finishing O levels. . It exists because resources are scarce. a. there is a price attached to virtually every good or service . Econ Isle is feeling the effects of scarcity, which is the condition that exists because there are not enough resources to produce everyone's wants. The opportunity cost of a choice is the value of the best alternative given up. It assists in anticipating profits . 8) 9)A cost due to an increase in activity is called A)an incentive loss. A: False Q: Specialization can sometimes create problems such as boredom and repetitive … Opportunity cost means that something needs to be. Balance sheet. Snider, Inc., which has excess capacity, received a special order for 4,000 units at a price of $15 per unit. Answer: 3 question There is an opportunity cost for all economic choices because: - the answers to estudyassistant.com Which one of the following statements is . Opportunity cost is the forgone benefit resulted from choosing a specific course of action. Sarvotarzan. For example, “cost… For example, farmers who own their own land do not have to pay a land rent (i.e., there is no explicit cost). To Spend or Not to Spend: The Importance of Opportunity Cost. Unless opportunity management at the project level is realistic, it will present excessive risk and lead to project failure. Answer and Explanation: The correct answer is C. exists because of limited resources. It influences producers. For an individual, it may involve choosing the best from the choices available. Answer Save. What does opportunity expression mean? Merci d'avance! Definitions by the largest Idiom Dictionary. It assists in anticipating profits. It exists because human wants for goods and services exceed the quantity of goods and services … It exists because resources are scarce. That's because you’ll make more money as a plumber. The delay cost hundreds of millions of dollars in additional expense and generated a great deal of embarrassment and political fallout. Like individual, governments and societies experience scarcity . D)an opportunity cost 40) 41)The term used to emphasize that making choices in the face of scarcity involves a cost is Par Jeff Kreisler N As Jack Welch once put it: "Leaders have the courage to make unpopular decisions . CHECK ALL THAT APPLY. Opportunity Cost Production . 20 Sep 2017. In microeconomic theory, opportunity cost, or alternative cost, is the loss of potential gain from other alternatives when one particular alternative is chosen over the others. When economists use the word “cost,” we usually mean opportunity cost. For example, although air is more important to us than gold, it is less scarce simply because the production cost of air is zero. Expert Answer 100% (2 ratings) Previous question Next question Transcribed Image Text from this Question. Introduction Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. 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