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Author Question: Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, ... (Read 251 times)

xroflmao

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on: Jun 30, 2018
Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, are (1) study economics, (2i) watch two half-hour TV sitcoms, (3) play pool, and (4) jog around town. You can only choose one activity. What is the opportunity cost of studying economics for one hour, given this information?
 a. Jogging around town.
 b. Watching two half-hour TV sitcoms.
 c. Playing pool.
 d. The sum of watching two half-hour TV sitcoms, playing pool, and doing your laundry.

Question 2

A good or service that is forgone by choosing one alternative over another is called a(n):
 a. explicit cost. b. opportunity cost.
  c. historical cost. d. accounting cost.


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Viet Thy

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

b


xroflmao

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Reply #2 on: Jun 30, 2018
Thank you :)


Viet Thy

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Reply #3 on: Jun 30, 2018
Happy to help you


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