Answer to Question #277327 in Microeconomics for Givo

Question #277327

Explain the term opportunity cost

Expert's answer

Its can be viewed as benefits which one misses out and could have been gotten from an option not chosen

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. Is it true that optimal provision of public good is not possible if social marginal cost is equal to
2. In Nyeri town there are only two milk processors. The local inverse demand for milk is given by: Q =
3. Catalina Films produces video shorts using digital editing equipment (K) and editors (L). The firm
4. 1. Suppose that under the United States-Canada Air Quality Agreement, both countries agree
5. With fixed cost of $450, a firm has average costs of $5 and average variable costs of $3. Its output
6. Increase in net capital inflow will increase interest rates in the domestic loanable funds market�
7. What do you understand by the term “closed economy”? For a closed economy show, National saving