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Cost of the next best alternative when one choice is made rather than another is?
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∙ 13y ago
Aprice levelBopportunity cost or trade offCincomeDsupply
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∙ 13y ago
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What is the best definition of opportunity cost?
The benefits lost when making one choice over another
Why does choice create opportunity cost?
choice involves selecting for which good or service to go for or the best alternative.
What is alternative cost in economics?
According to the authors of the textbook Economics U$A, Opportunity Cost or Alternative Cost is the value of what certain resources could have produced have they been used in the best alternative way. Since economic resources are scarce, only a limited amount of goods and services can be produced from them and there arise the necessity of choice.
This is the value lost when one alternative is chosen over another?
Opportunity Cost
A good or service that is foregone by choosing one alternative over another is called a?
opportunity cost
What is the best definition of opportunity cost?
The benefits lost when making one choice over another
Why does choice create opportunity cost?
choice involves selecting for which good or service to go for or the best alternative.
What is alternative cost in economics?
According to the authors of the textbook Economics U$A, Opportunity Cost or Alternative Cost is the value of what certain resources could have produced have they been used in the best alternative way. Since economic resources are scarce, only a limited amount of goods and services can be produced from them and there arise the necessity of choice.
This is the value lost when one alternative is chosen over another?
Opportunity Cost
What does it cost to go to tattoo removal school?
It only cost me fifty bucks (US), but your choice of school may vary. If you think the cost of education is high, just wait until you see the cost of the alternative.
A good or service that is foregone by choosing one alternative over another is called a?
opportunity cost
What is opportunity cost all about?
The cost of an alternative that must be forgone in order to pursue a certain action. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone. Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice". The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently.
Define the term opportunity cost and explain its potential positive and negative effects on the economy?
The value of the next-best alternative is called opportunity cost. The opportunity cost of any action is the value of what is given up--the next-highest-ranked alternative--because a choice was made. When you study one more hour, there may be many alternatives available for the use of that hour, but assume that you can do only one other thing in that hour--your next-highest-ranked alternative. What is important is the choice that you would have made if you hadn't studied one more hour. Your opportunity cost is the next-highest-ranked alternative, not all alternatives. In economics, cost is always a forgone opportunity.
The potential benefit that is given up when one alternative is selected over another is called?
an opportunity cost
Opportunity cost definition?
The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
An opportunity cost is defined as?
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
Difference between inrimental cost and variable Cost?
Variable cost is that cost which changes with level of production while incremental cost is that extra cost which increased due to change in alternative products or from selecting one product to another product.
