True/False: Opportunity cost is the value of the best alternative that must be forgone in order to undertake any activity or economic exchange.
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- What factors into the opportunity cost for a decision? Select a Benefits from the best foregone alternative Actual financial cost of the decision Time spent due to the decision The sum of all benefits from all foregone alternatives The difference between the benefits of the first and second best choicesBudget lines and production possibility curves have a common assumption of increasing opportunity costs. True FalseTrue/False (1) People face identical opportunity costs when making decisions (2) Opportunity costs are roughly the same for everyone who attends college
- ____________The opportunity cost of an economic decision is: the best alternative that was sacrificed. the amount of money needed to implement the decision. any land, labor, and capital that are wasted. all options that were lost due to scarcity.Explain too. True/False Opportunity cost refers to the cost of best next foregone.Explain how 'opportunity costs of not implementing ERP' isrelated to Economic feasibility.
- Can you help me in this? True/False Opportunity cost is the cost of next foregone.A mattress company can create mattresses to sell in retail stores/online or utilize the same material to create protective masks during the pandemic. With respect to scarcity and opportunity cost, how might a company decide which product to make and what are some methods that it may use to help its decision?True or False Opportunity costs are roughly the same for everyone who attends college.
- describe an important of trade-off you recently faced. Give an example of some action that has both a monetary and nonmonetary opportunity cost.1) You own a DVD of the film 'A Beautiful Mind'. The opportunity cost of watching the DVD the second time A) is one-half the cost of the DVD, since this is the second time you have watched it. B) the amount of money you could get from selling the DVD after watching it the first time. C) is the value of the best alternative use of the time you spend watching the DVD on this occasion. D) is zero as you already own the DVD.The opportunity cost of an action is a) the money that you pay take it b)the Value of the best alternative forgone c) the difference between the Value you get and the price that you pay for it d) the value you place on its result e) everything that you forgo when you take it.