GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$50 cash
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The time spent making the decision on which bat to purchase
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Another item William could have purchased for $50
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The time William spent saving for the bat.
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Detailed explanation-1: -The opportunity cost of any choice is the value of the best alternative forgone in making it. Economics is a social science that examines how people choose among the alternatives available to them. Scarcity implies that we must give up one alternative in selecting another.
Detailed explanation-2: -In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.
Detailed explanation-3: -Efficiency is when an economy uses it’s resources in such a way as to maximize the production of goods and services. Efficiency means increasing productivity!