Answer to Question #147081 in Microeconomics for Shariq

Question

In past 50 years the frozen food industry in U.S has grown from $1billion to $27 billion. Discuss the role of opportunity cost in our lives with regards to this huge growth in the frozen food market in the U.S

Answer 1

Opportunity value refers to the excellent alternative arrived at after a decision is made. It entails losing all alternatives when one alternative is chosen. Opportunity value helps a manufacturer to determine whether to produce or not. U.S made a choice of increasing the production of frozen food in the industry for it effects to huge profit.