MyEconLab With Etext-Access
14th Edition
ISBN: 9780133049985
Author: Pearson
Publisher: PEARSON
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Question
Chapter 1, Problem 1P
To determine
The relevance of
Expert Solution & Answer
Explanation of Solution
The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives 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 that arises due to the scarcity of time and increasing number of competing alternatives of people.
Economics Concept Introduction
Concept introduction:
Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as the opportunity cost.
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