Opportunity Cost Answers

Assessing opportunity cost involves

ABC

Read the scenario. Samira is a freshman basketball player who hopes to go to college on a basketball scholarship. She is offered the chance to play on her school’s varsity basketball team, which plays in tournaments during holiday breaks. Samira usually spends her breaks working at the local hardware store. After careful consideration, Samira decides to stay on the freshman basketball team and keep working over breaks. The fact that Samira may miss out on a scholarship opportunity by staying on the freshman team illustrates

One method for studying opportunity cost is to think in terms of

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?

opportunity costsrevenueprofitresource costs

production possibility curveproduction supply curveproduction opportunity curve

Look at the equation framework.

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

Which of the following has the largest impact on opportunity cost?