Opportunity Cost Answers

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:

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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?

Look at the equation framework.

Opportunity cost occurs because of a producer’s need to

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Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers? Select two answers.

On a production possibility curve, data points that fall outside of the curve represent

Which of the following illustrates an opportunity cost?