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- ____ are defined as costs which are incurred regardless of the alternative action chosen in a decision-making problem.True/False: Opportunity cost is the value of the best alternative that must be forgone in order to undertake any activity or economic exchange.The benefits of a nonmonetary nature can be quantified and factored into the analysis. True or false? Explain how?
- Two options are correct please give explanation of correct options and explanation of incorrect options. Hand written solutions are strictly prohibited.Refer to the table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out? Select one: a. 2 b. 3 c. 4 d. 5 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Explanation of the correct option and explanation of the incorrect options. Note: Hand written solutions not allows ?
- What do economists mean by ceteris paribus? Why is ceteris paribus hard to engineer in practice? Discuss common hurdlesGive explanation of the correct option and explanation of the incorrect options. No answer from Chat GPT will dislike Hand written solutions not allowedElla lives in Flint Michigan where the city water was contaminated with harmful chemicals and lead. Ella’s infant now suffers from mental retardation due to lead poisoning. This is an example of Group of answer choices social cost for Ella and her family because they bear some cost derived from the water distribution activity. private cost for Ella and her family because they do pay for the water they receive from the city of Flint. external cost for Ella and her family because they bear some cost derived from the water distribution activity.