ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the price of the soda
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the price of the popcorn
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the satisfaction of eating the popcorn
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his thirst
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Detailed explanation-1: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.
Detailed explanation-2: -Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services.
Detailed explanation-3: -Scarcity exists when human wants for goods and services exceed the available supply. People make decisions in their own self-interest, weighing benefits and costs.
Detailed explanation-4: -Answer and Explanation: The correct answer to the given question is option c. the total cash expenditure needed to go to the movie plus the value of your time. The opportunity cost of going a movie is the net benefit associated with the next best alternative forsaken by choosing to go for the movie.