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Chapter 1, Problem 1.1P

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Principles of Macroeconomics (12th...

12th Edition
Karl E. Case + 2 others
ISBN: 9780134078809

Solutions

Chapter
Section
BuyFindarrow_forward

Principles of Macroeconomics (12th...

12th Edition
Karl E. Case + 2 others
ISBN: 9780134078809
To determine

Relevance of opportunity cost in allocation of time

Explanation

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of time for different alternatives is depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost is arises due to the scarcity of time and increasing number of competing alternatives of people.

Concept

Concept introduction:

Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as opportunity cost.

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