Homework Clinic
Social Science Clinic => Economics => Microeconomics => Topic started by: SGallaher96 on Jun 30, 2018
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The opportunity cost of an economic decision is:
a. the best alternative that was sacrificed.
b. the amount of money needed to implement the decision.
c. any land, labor, and capital that are wasted.
d. all options that were lost due to scarcity.
Question 2
Which of the following does not illustrate opportunity cost?
a. If I study, I must give up going to the football game.
b. If I buy a computer, I must do without a 35 television.
c. If I spend more on clothes, I must spend less on food.
d. All of these illustrate opportunity cost.
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Answer to Question 1
a
Answer to Question 2
d