Author Question: The opportunity cost of an activity is best measured a. only by the monetary costs b. by the ... (Read 26 times)

K@ · **on:** Jul 1, 2018

The opportunity cost of an activity is best measured
a. only by the monetary costs
b. by the number of alternative activities that were forgone
c. by the cost difference between the chosen activity and the next best alternative
d. by the value expected from the best alternative that is forgone
e. as the time wasted choosing among various activities

Question 2

The opportunity cost of a particular activity
a. must be the same for everyone
b. is the value of all alternative activities that are forgone
c. has a maximum value equal to the minimum wage
d. varies from person to person
e. can usually be known with certainty