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Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
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The optimal use of a resource take place when?
The benefit is greater than the opportunity cost.
The potential benefit that is given up when one alternative is selected over another is called?
an opportunity cost
When the benefit of one particular use of a resource is greater than the opportunity cost?
Being used efficiently
What is the Opportunity cost of taking a vacation from work?
The opportunity cost of taking a vacation from work, in all likelihood, is the wage and/or benefits accrued from having worked. This represents the highest alternative benefit forgone to take the vacation.
Is opportunity cost define as the real cost or the variable cost?
The opportunity cost is defined as alternative cost - costs measured in output of products and services forgone.It can't be defined as variable cost. In the simple formula p = 2q + 100, we can say that 2 is the variable cost. In other words: it's not fixed like the 100.Opportunity costs are not restricted to financial or monetary costs though. The real costs of output forgone (e.g. when choosing between a number of products like shotguns and bananas), lost time / pleasure, or any other benefit that provides benefit should also be considered opportunity costs. Therefore real costs are part of opportunity costs.
The optimal use of a resource take place when?
The benefit is greater than the opportunity cost.
What was the benefit of the soviet union decision to concentrate on heavy industry What was the opportunity cost and who paid it?
The opportunity cost were the consumer goods and services.
What is shadow wage?
Shadow wage is the opportunity cost of labour, used in cost benefit analysis.
What is an oppourtunity cost?
When Mutual exclusive decision is to be made or projects to be selected, the benefit which is left due to selection of one project instead of other project is the 'Opportunity Cost' for selecting one project over other. Example: Project 1 benefit = 100000 Project 2 benefit = 200000 Opportunity cost for project 1 = 200000 Opportunity cost for project 2 = 100000
What is shadow wage rate?
Shadow wage is the opportunity cost of labour, used in cost benefit analysis.
Definition of scarcity and opportunity cost by Bernardo Villegas?
Opportunity cost refers to the economic benefit forgone by using a resource for one purpose rather than another.
What happens when the optimal use of a resource takes place?
The benefit is greater than the opportunity cost.
What happens when optimal use of a resource takes place?
The benefit is greater than the opportunity cost.
What is The optimal use of a resource takes place when happens?
The benefit is greater than the opportunity cost.
The potential benefit that is given up when one alternative is selected over another is called?
an opportunity cost
When the benefit of one particular use of a resource is greater than the opportunity cost?
Being used efficiently
What is the Opportunity cost of taking a vacation from work?
The opportunity cost of taking a vacation from work, in all likelihood, is the wage and/or benefits accrued from having worked. This represents the highest alternative benefit forgone to take the vacation.
