ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cost that changes (rises or falls) depending on how much is produced.
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Giving up of one thing in return for another; a compromise.
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The additional income from selling one more unit of a good; sometimes equal to price.
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The sum of fixed cost and variable cost.
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Detailed explanation-1: -A trade-off is a kind of compromise that involves giving up something in return for getting something else. When looking you for an after-school job, you might have to make a trade-off: a lower hourly wage for a more convenient location, for example.
Detailed explanation-2: -: a giving up of one thing in return for another : exchange. trade off transitive verb.
Detailed explanation-3: -A trade-off involves a sacrifice that must be made to get a certain product or experience. A person gives up the opportunity to buy ‘good B, ’ because they want to buy ‘good A’ instead.
Detailed explanation-4: -A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity. We experience tradeoffs in zero-sum situations when a plus in one area must be a negative in another.
Detailed explanation-5: -dealing. barter. commutation. negotiation. back-and-forth.