ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ronald was shopping for a lawn mower. He has looked at similarly priced mowers brands:Go ____ Mower, WeCut ____ It, U ____ Cut ____ It, and Green Brand MowerAfter a lot of thought, he narrowed it down to either the Go ____ Mower or the WeCut ____ It.He selected the Go ____ Mower because he liked how it sounded a little better. What was his opportunity
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Go ____ Mower
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WeCut ____ It.
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Green Brand Mower
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U ____ Cut ____ It,
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Explanation:
Detailed explanation-1: -What are some other examples of opportunity cost? A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else.
Detailed explanation-2: -The correct answer is b. Benefits foregone by not choosing an alternative course of action.
Detailed explanation-3: -The opportunity cost of a good is the alternative goods forgone. the price of alternative goods foregone.
Detailed explanation-4: -(i) Economic and Non-Economic Wants: The wants which cannot be satisfied by such goods and services that can be bought are known as economic wants. For example, want for food, want for book, want for dress etc.
There is 1 question to complete.