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Author Question: Explain what is meant by the term opportunity cost. What will be an ideal ... (Read 90 times)

asmith134

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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
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nixon_s

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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


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