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crimsonreindeer712Lv1

18 Aug 2020

Which of the following statements best describes opportunity costs

- The value of the alternative selected.

- The value of all alternatives not selected.

- The difference between the alternative selected and the next best alternative.

- The value of the next best alternative not selected.

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OC4148371Lv10

23 Sep 2021

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Related questions

Which statement represents a rational application of opportunity cost?

1. The value of the choice must be greater than the sum of all available alternatives.

2. The value of the next-best alternative is irrelevant since the alternative was not selected.

3. The value of the next-best alternative must be greater than or equal to the cost of the choice.

4. The value of the choice must be greater than or equal to the cost of the next- best alternative.

5. Opportunity cost is useful for evaluating a decision after the fact, but not during the decision-making process.

pinkgrasshopper234

1. Which of the following best describes the concept of scarcity?

a. Resources are unlimited but there is a scarcity of uses for them.

b. Resources are scarce when compared to the demand for them.

c. There is a scarcity of funding for resource conservation.

d. Resources and resource needs are equally scarce.

2. Which of the following would not be considered scarce?

a. Corn husks used to produce biomass fuel.

b. Corn husks in a landfill.

c. Corn husks used to feed hogs.

d. None of the above would be considered scarce.

3. Which of the following best describes the opportunity cost?

a. The value of the alternative selected.

b. The value of all alternatives not selected.

c. The difference between the alternative selected and the next best alternative.

d. The value of the next best alternative not selected.

4. Which of the following best describes the opportunity cost of one year of college?

a. The dollar value of tuition, books, room and board, and all associated explicit expenses, but not the interest that could have been earned on that sum.

b. The dollar value of tuition, books, room and board, all associated explicit expenses, and the interest that could have been earned on that sum but not the income that could have been earned over that time period.

c. The dollar value of tuition, books, room and board, all associated explicit expenses, the interest that could have been earned on that sum, and income that could have been earned over that time period, but not the cost of everyday items such as food, clothing, and toothpaste.

d. The dollar value of tuition, books, room and board, all associated explicit expenses, the interest that could have been earned on that sum, and income that could have been earned over that time period, and the cost of everyday items such as food, clothing, and toothpaste.

5. Which of the following can be a valid goal for a typical firm? (Check all that apply)

a. Maximizing profits.

b. Improving its public image.

c. Increasing employee morale.

d. Increasing shareholder wealth.

coralworm632

If the opportunity cost is the value of the next best alternative, why would you ever add up costs? That is, wouldn’t there just be one next best alternative?