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by the value of the most beneficial alternative given up, they take a broad view of the consequences of a choice.
Jonathon Witting
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What can a decision- making grid do?
help you determine the oppotunit cost of your decision.
When are opportunity costs present?
Every time a choice is made, opportunity costs are assumed.
What generates the law of increasing opportunity costs?
The law of increasing opportunity costs states that the more of a product that is produced the greater is its opportunity cost.
Ask us do government regulations lead to higher prices for consumers?
Producers pass along the costs of compliance. The costs of compliance are passed on to the consumer.
What accurately describes how costs and benefits are calculated?
When a financial decision is being made, the more choices you have will help determine the best opportunity. To calculate the opportunity cost, compare each opportunity based on a similar unit of measurement. This can be cash, weight, or products. Evaluate cost by hour, day, week, or year for each option. Evaluate each opportunity by what would be gained if you chose an alternative opportunity. Add up the costs associated with each opportunity. Make your choice based on which opportunity cost is higher.
What are the examples to increase the opportunity cost in tourism?
the increased opportunity costs in tourism
According to the demand-pull theory of inflation what is responsible for inflation?
producers raise prices to meet increased costs
What is thinking at the margin?
The opportunity costs and the benefits.
What is the relationship between trade and opportunity costs?
The relationship between trade offs and opportunity costs is that they both have to do with economics. A person has to make a choice that would have to sacrifice.
What results from outsourcing jobs from the United states to other countries?
Lower labor costs in other countries lead to job less in the United States because it enables producers to undersell domestic producers.
Why can't opportunity costs exist without scarcity?
because opportunity itself is scarce too
What describes how opportunity cost is calculated?
When a financial decision is being made, the more choices you have will help determine the best opportunity. To calculate the opportunity cost, compare each opportunity based on a similar unit of measurement. This can be cash, weight, or products. Evaluate cost by hour, day, week, or year for each option. Evaluate each opportunity by what would be gained if you chose an alternative opportunity. Add up the costs associated with each opportunity. Make your choice based on which opportunity cost is higher.
