Opportunity Cost Answers
0 verified answers
1
Free Preview
opportunity costsrevenueprofitresource costs
A
opportunity costsB
revenueC
profitD
resource costs
3
How does a production possibility chart assist in outlining opportunity cost?
A
It compares profit potential of one product to another.B
It compares production cost of one product to another.C
It compares production numbers of one product to another.D
It compares consumer demand of one product to another.4
On a production possibility curve, data points that fall outside of the curve represent
A
an inefficient allocation of resources.B
a balanced allocation of resources.C
ideal production.D
a currently unattainable production.5
One method for studying opportunity cost is to think in terms of
A
risk and ability.B
pros and cons.C
tradeoffsD
trial and error.6
production possibility curveproduction supply curveproduction opportunity curve
A
production possibility curveB
production supply curveC
production opportunity curve7
Assessing opportunity cost involves
A
making choices and dealing with consequences.B
choosing consequences over rewards.C
reviewing past decisions and changing them.D
minimizing profit and loss.8
ABC
A
AB
BC
C9
Opportunity cost occurs because of a producer’s need to
A
limit resources.B
protect resources.C
allocate resources.D
spend resources.Did you find these answers helpful?
🔥100% accurate
TRY EDGENUITY HACKS
- Auto Complete Exams
- Auto Complete Assignments
- Skip Videos Instantly
50,000+ students using this