ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Doctors have a higher opportunity cost in qualifications
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Doctors have a more elastic supply than hospital cleaners.
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Hospital cleaners belong to trade unions with stronger bargaining powers
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Hospital cleaners have a more inelastic demand than doctors
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Detailed explanation-1: -The correct answer is b. Benefits foregone by not choosing an alternative course of action. Opportunity cost is the future income or cost that would have been earned or incurred if this alternative was chosen. If not chosen, this would be the given up income or savings of that alternative.
Detailed explanation-2: -(3.6) Which change will make a manufacturing company replace machines with labour to maintain the most efficient combination of factors of production? The price of the product manufactured has increased.
Detailed explanation-3: -The scarcity of resources means that there are not sufficient goods and services to satisfy all our needs and wants; we are forced to choose some over the others. Choice is necessary because these resources have alternative uses-they can be used to produce many things.