Opportunity Cost

Question 1

What could happen as a result of the effects of the opportunity cost on the left? Check all that apply.

Revolt · Accepted Answer

A: missing out on spending time with friends; D: gives up a chance to have fun

Question 2

Opportunity cost is what must bein order tosomething else.

Revolt · Accepted Answer

B: given up

Question 3

Which statements demonstrate the meaning of opportunity cost for producers and consumers? Check all that apply.If producers can only produce one item, they must decide which item to produce based on profit.Consumers are limited by their resources, and must give up the chance to purchase one item in order to buy another.Consumers and producers are not limited by scarcity of resources or time. When deciding to produce or purchase one item, another opportunity must be given up.The only factor influencing opportunity cost is personal opinion.

Revolt · Accepted Answer

A: If producers can only produce one item, they must decide which item to produce based on profit.; B: Consumers are limited by their resources, and must give up the chance to purchase one item in order to buy another.; D: When deciding to produce or purchase one item, another opportunity must be given up.

Question 4

A)

Revolt · Accepted Answer

C: 30

Question 5

At what point is Raj not using all of his resources?

Revolt · Accepted Answer

A: Y

Question 6

Opportunity cost is what must bein order tosomething else.

Revolt · Accepted Answer

B: gain

Question 7

B)

Revolt · Accepted Answer

A: 120

Question 8

At what point would Raj be using more than his available resources?

Revolt · Accepted Answer

C: X

Question 9

Opportunity cost forces consumers and producers to make.

Revolt · Accepted Answer

C: choices

Question 10

C)

Revolt · Accepted Answer

C: 90

Opportunity Cost Answers

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