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Is the opportunity cost rate a single number used in all situations?
No, the opportunity cost does not rate a single number that is used in all situations.
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
How are trade-offs and opportunity cost different?
The trade-offs and opportunity costs are different from an economic standpoint in the sense that trade-offs are situations where you give up one thing in favor of another.
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
Is the opportunity cost rate a single number used in all situations?
No, the opportunity cost does not rate a single number that is used in all situations.
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
How are trade-offs and opportunity cost different?
The trade-offs and opportunity costs are different from an economic standpoint in the sense that trade-offs are situations where you give up one thing in favor of another.
How trade-off and opportunity cost different?
The trade-offs and opportunity costs are different from an economic standpoint in the sense that trade-offs are situations where you give up one thing in favor of another.
Law of decreasing opportunity cost?
The law of decreasing opportunity cost states that as a producer shifts resources from one good to another, the opportunity cost of producing additional units of the second good will decrease. This is because resources are not equally productive in all activities, leading to diminishing returns as more resources are allocated to a single activity.
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
Is opportunity cost a relevant cost?
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
What does law of increasing opportunity cost express?
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. This law is responsible for the bowed shape of the production possibilities curve. Because not all of our economy's resources are equally well-suited to the production of a single good, the increasing opportunity cost is present.
What do you understand by the term opportunity cost?
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Why does opportunity cost vary?
Opportunity Cost can vary depending on what you are giving up exactly.
What does increasing marginal opportunity cost mean?
As we decide to choose more units of anything, the opportunity cost of each additional unit will rise. This means that the opportunity cost of the second unit will be greater than that of the first unit. The opportunity cost of the third unit will be greater than that of the second unit. And so forththe law of opportunity cost states that the more of a product that is produced,the greater is its opportunity cost,hence increasing marginal opportunity cost in simple terms refers to an extra or additional opportunity cost of foregoing other products to produce a unit of another product
