« previous next »

Author Question: Explain what is meant by the term opportunity cost. What will be an ideal ... (Read 87 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?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Did you know?

The term bacteria was devised in the 19th century by German biologist Ferdinand Cohn. He based it on the Greek word "bakterion" meaning a small rod or staff. Cohn is considered to be the father of modern bacteriology.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

For millions of people, the United States represents a land of opportunity and freedom from ... For millions of people, the United States represents a land of opportunity and freedom from ...
Types of Long-Term Memories Types of Long-Term Memories
Please fully explain in detail Please fully explain in detail
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
If CP for an ideal gas is 35.4 J/molK, which of the following is CV for this gas? If CP for an ideal gas is 35.4 J/molK, which of the following is CV for this gas?
A cowbird with its foster parent. A female cowbird minimizes her cost of parental care by laying her A cowbird with its foster parent. A female cowbird minimizes her cost of parental care by laying her
Video: Exercise and cardiac output & Definition of stroke volume

For a complete list of videos, visit our video library