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What of the following people is making a decision based on opportunity cost?
Opportunity cost refers to the value of the next best alternative that is foregone when making a choice. To determine who is making a decision based on opportunity cost, we would need specific examples or scenarios involving individuals weighing different options and their respective benefits. For instance, if someone decides to spend money on education instead of a vacation, they are considering the opportunity cost of not being able to take that vacation. Please provide specific individuals or scenarios for a more precise answer.
What is the nature of opportunity cost?
In economics, the opportunity cost is the next best alternative forgone in a decision. The next best alternative is determined by the values of the consumer making the decision.For example: a consumer must to choose between going to the beach, going to the cinema, or staying at home for the day (they can only do one of these for the day). The consumer values the options in this order (from most-desired to least-desired): 1) going to the beach, 2) going to the cinema, 3) staying at home. If the consumer decides to go to the beach, the opportunity cost is going to the cinema, as this is the next best alternative for the consumer. Staying at home is not the opportunity cost, as it is not the next best alternative.There is only one opportunity cost in a decision; this is the next best alternative. All other less-desirable alternatives are not considered opportunity costs in a decision.
What is true in a command economy?
The government decides which goods are produced.The government decides which goods are produced.
Why do people take the risk of becoming entrepreneurs?
It depends. If you see an opportunity you take it. So if someone decides to be an entrepreneur they probably see a lot of money being able to come in. Mostly people want to become entrepreneurs because of the possible outcome of being wealthy.
Who decides whether or not a business will survive?
you
Negative about monarchy?
he government must know what you are doing. When you are doing it. The government is watching you. Also, the government decides where the money goes. he government must know what you are doing. When you are doing it. The government is watching you. Also, the government decides where the money goes.
Which conflict is the weakest?
After a tough week at school, Alaina decides to spend the weekend relaxing at home and watching television.
What is the opportunity cost if sue decides to drive to LA from San Francisco to visit her son who attends UCLA?
sue decides to drive to los angeles from san francisco to visit her son , who attended ucla
When does a person decide to smoke marijuana?
A person decides to smoke marijuana when they are offered it, have an opportunity to buy and smoke it, or when they have an urge to smoke marijuana.
Which economic concept is illustrated if an individual could afford either automobile but decides to purchase a Chevrolet Camaro instead of a Chevrolet Corvette?
opportunity cost
What happens if the Equal Employment Opportunity Commission (EEOC) decides that an employer has discriminated against a worker?
the employer may have to pay fines or change its practices
How do you get a baseball scholarship?
A college baseball scout randomly comes to a game. Watches everyone. If someone is very good. He may keep watching that person. Then the scout decides.
What are some examples of opportunity?
If a gardener decides to grow carrots, and she could sell these for 50 dollars at the end of the season, and her next best option was to grow potatoes which sold for 60 dollars, the opportunity cost would be the 10 dollars she lost from not growing potatoes.
Which economic concept is illustrated if an individual who could afford either a Chevrolet camaro or a Chevrolet Corvette decides to purchase the camaro instead of the corvette?
conspicuous consumption Opportunity Cost
How do shows know that you or tv viewers are watching their program?
They hire the Nielsen Company to measure their viewership. Nielsen uses diaries and electonic boxes to measure ratings. (No, you cannot request it, Nielsen decides).
The man of the crowd summary?
A man is sitting in a coffee shop, watching all of the different kinds of people moving through the streets. A particluar old man catches his attention and he decides to follow him to learn more about him...
Is it bad to watch tv all the time?
Depends!! If you are just watching whatever is on, just to fill out your day. Then Yes. But if you have an interest in what you see, and decides from that, Then I would usually say No. By Usually I mean: Even if you decides from interest, It could be because you are to lazy to attend it live. e.g. sports, or to study yourself, then I would also say Yes here.
