What is an opportunity cost? How does the idea relate to the defifinition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain.

Q: With which of the problems faced by every society is microeconomics primarily concerned

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: Define the opportunity cost . What is the significance of opportunity cost in economics.

A: Opportunity Cost Opportunity cost is the cost of next best foregone.When a person, an investor, or a…

Q: 1. What do you call the condition in which our wants are greater than our limited resources? C.…

A: The following are the correct options for the given questions.  1. We call the condition where our…

Q: The term "opportunity cost" points out that *

A: In economics, there are different types of costs associated with a specific economic activity and…

Q: Economics is primarily concerned with: * The future costs of goods O Consumer prices The training of…

A: Since you have asked multiple questions, we will solve the first question from each picture for you.…

Q: What is opportunity cost? Explain the Law of Increasing Opportunity Costs with a numerical table and…

A: The opportunity cost of a good is what you give up to get that item. The opportunity cost is the…

Q: economics explains economic phenomena according to their cause and effects Which economics explains…

A: Economics is known to be as the branch of specific knowledge which includes with the process of the…

Q: If your neighbor chooses to go apple-picking, what is the opportunity cost?

A: neighbor has three choices-  1) going hiking (valued at $20) 2) going apple-picking (valued at $30)…

Q: Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets,…

A: Opportunity cost is the value of the best alternative or we can say the gain from the best…

Q: What is an Opportunity Cost in economics? Answer by giving an example.

A: Opportunity costs are the cost that represents the potential advantages an individual, investor, or…

Q: Which of the following best illustrates the importance of addressing the three questions of…

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: What is a positive statement? What is a normative statement? What is the difference between positive…

A: Positive statement talks about factual phenomenon while the normative statements are advisory in…

Q: Which of the following choices correctly illustrates how changes in opportunity costs affect supply?…

A: At the marketplace, opportunity cost is the cost when an individual chooses an alternative with some…

Q: Attempts Keep the Highest / 1 6. Scarcity, opportunity cost, and marginal analysis Lucia is training…

A: Lucia has the fixed number of hours which she cna spend on training of any activity. And if she…

Q: Which of the following is a question answered with normative economic reasoning? O If the college…

A: Positive economic statements:  A positive economic statement is based on empirical data and facts,…

Q: Carefully define the following terms and explain their importance to the study of economics. a.…

A: Thank you for the question. As per our Honor code, we are allowed to attempt only first three…

Q: Discuss how the five foundations of economics are related to the concept of rational economic…

A: The five foundations of economics are the following: 1) Incentives- These are the reasons driving…

Q: What is the marginal opportunity cost to Fred of buying one milkshake? If Fred buys six milkshakes,…

A: Opportunity cost is the cost of next best alternative use. It is the cost which a person occur, when…

Q: What is the Opportunity cost to this student for the additional amount of study time on economics…

A: The opportunity cost refers to the opportunity that has been foregone to select the best…

Q: Which of the following statements is false? A) Anytime you have to decide which action to take you…

A: To obtain a certain good or service, we have to sacrifice something, it can be money or time or…

Q: Explain your take on the statement i.e. “If resources were unlimited and freely available,…

A: Economics, the science of choice as studied by Lionel Robinson, economics is the science which…

Q: Which of the following statements is false about the opportunity cost of taking an online economics…

A: Answer - "Thank you for submitting the question. But, we are authorized to solve one question at a…

Q: he scenarios each illustrate the principle of economics. Match each scenarios with the principle…

A: Opportunity cost:- The phrase "opportunity cost" refers to the amount of other goods or services you…

Q: What are the three diverse exercises of subject of economics?

A: Amartya Sen has given three diverse exercises of subject of economics.

Q: The reason that the production possibilities frontier is usually a bow-shaped curve instead of a…

A: The PPF is bowed shaped due to law of increasing opportunity cost. When an economy produces more of…

Q: Explain why scarcity and choice are the basis of economics.

A: Due to scarcity of resources, only a limited amount of services and goods could be produced in an…

Q: Give an Example how a change in opportunity cost can effect behavior.

A: The opportunity cost refers to the cost of the next best alternative foregone while making a…

Q: Which of the following best illustrates the importance of addressing the three questions of…

A: In economics, the concept of scarcity refers to the constrained supply of resources. It states that…

Q: Give an example to illustrate how a change in opportunity cost can affect behavior.

A: Opportunity cost refers to the given up benefit during the process of gains some other benefit. For…

Q: Because of scarcity, for every choice we make, there will always be opportunity costs. What does…

A: Every choice that we make means that we select one alternative over another. The selection of among…

Q: While individuals face trade-offs in consumption, as shown by the budget constraint. there is no…

A: Trade off occurs when resources are scarce. Scarcity refers to shortage of goods in terms of demand…

Q: What is the difference between opportunity cost and trade-off? Please explain.

A: Opportunity cost:- Opportunity cost denotes the value of the best choice that you give up. It can be…

Q: Would the study of economics be necessary if resources were unlimited?  b. "Wants are not limitless.…

A: Ans.a) The main motive of studying economics is the fact that resources are scarce in the world and…

Q: Carefully define the following terms and explain their importance to the study of economics. A.…

A: When you want to decide between two alternatives, you must look at loss and gains from each…

Q: Why choice arise as a result of scarcity?

A: Opportunity costs are the potential advantages that an individual, an investor, or an organisation…

Q: Suppose Alphonso’s town raises the price of bus tickets from $0.50 to $1 and the price of burgers…

A: Given pieces of information: Previous price of bus tickets = 0.5  New price of bus tickets = 1…

Q: "What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made,…

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: Explain what is meant by opportunity cost of choice

A: The Opportunity cost of alternative is the benefits that has to forego which are available to us…

Q: What is meant by saying that economics is an empirical science? Economic theories cannot be tested…

A: Economics is an empirical science  Economists examine evidence and test whether a given model is…