Opportunity Cost Answers
Look at the equation framework.
On a production possibility curve, data points that fall outside of the curve represent
Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers? Select two answers.
Which of the following are examples of limited resources on the part of consumers?
ABC
One method for studying opportunity cost is to think in terms of
How does a production possibility chart assist in outlining opportunity cost?
Demonstrating opportunity cost is done through production
opportunity costsrevenueprofitresource costs
Which of the following illustrates an opportunity cost?
Assessing opportunity cost involves
One method for studying opportunity cost is to think in terms of
Producers can create their maximum combination of goods, as long as they
Look at the equation framework.
Rescooperate Ice Cream Shop recently analyzed their books. They found that in the past year, they made $100,000 selling ice cream and spent $75,000 on supplies and factory space. The remaining $25,000 represents
Ricardo works part time at a local computer store. One day, his manager approaches him about moving from cashier to floor supervisor. Ricardo is excited because the promotion comes with a raise; however, the extra work hours would take away from time with his friends and family. In the end, he decides to take the promotion.What is Ricardo’s opportunity cost?
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Venya and Kari own a flower shop that specializes in custom bouquets. Wanting to expand into selling potted plants, they create a production possibility chart to assess whether the potted plants are a good idea. Study their chart:
Which of the following has the largest impact on opportunity cost?
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