Answer to Question #184742 in Microeconomics for lukonde

Question #184742

what is opportunity cost?

Expert's answer

Opportunity cost is the loss of other options when one option is chosen.

Opportunity cost of a resource, can be viewed as the value of the next-highest-valued alternative use of that resource.

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. Perfect competition occurs when none of the individual market participants (buyers and sellers) can
2. For the following market demand curve:A. Find marginal buyer’s WTP at Q = 15.B. Find CS for P = $3
3. 7.1 CONSIDER THE SHORT-RUN PRODUCTION FUNCTIONS
4. a) Price of the Tablet (P610 Samsung Galaxy Tab-S6 Lite Octa-Core 4GB Ram 64GB Storage 10.1 Inch Wi
5. What is Harry’s marginal cost of tennis if he plays 3hours a week
6. What is the difference between real and fancied differentiation. Explain using practical examples.
7. Maize is considered to be an inferior good. Assume that the original demand curve is D1 and the orig