« previous next »

Author Question: Explain what is meant by the term opportunity cost. What will be an ideal ... (Read 81 times)

asmith134

  • Hero Member
  • *****
  • Posts: 576
on: Jun 29, 2018
Explain what is meant by the term opportunity cost.
 
  What will be an ideal response?

Question 2

In economics, activities done for others, such as providing house cleaning or dental work, are referred to as
 
  A) services. B) physical capital. C) technology. D) goods.
Macroeconomics: Principles, Applications and Tools ¦ O'Sullivan, Sheffrin, Perez ¦ 7th Edition
Buy Test-Bank


nixon_s

  • Sr. Member
  • ****
  • Posts: 359
Reply #1 on: Jun 29, 2018
Answer to Question 1

The opportunity cost of something is measured by the next best alternative that we forgo, or give up, when we make a choice or a decision.

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

The U.S. Long-Term Ecological Research (LTER) network. The U.S. Long-Term Ecological Research (LTER) network.
Cultures Ideal Body Types Cultures Ideal Body Types
Typical Startup Cost Categories Typical Startup Cost Categories
Infant formula is available in several forms and varies in cost and ingredients Infant formula is available in several forms and varies in cost and ingredients
Cost Accounting: A Managerial Emphasis 16th Edition Cost Accounting: A Managerial Emphasis 16th Edition
Post-term birth rates, by province/territory, Canada Post-term birth rates, by province/territory, Canada
Video: Acid-base imbalances - compensation of metabolic acidosis and alkalosis

For a complete list of videos, visit our video library