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The opportunity cost of an action is the:

 

  1. the explicit cost of the action.

  2. the implicit cost of giving up taking the best alternative action.

  3. the implicit cost of giving up taking the worst alternative action.

  4. the explicit cost of the action and the implicit cost of giving up taking the best alternative action.

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Nelly Stracke
Nelly StrackeLv2
17 Dec 2019
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Related textbook solutions

Introductory Statistics
OER Edition, 2013
Openstax
ISBN: 9781938168208

Related questions

Which of the following is the best example of substitution?

  1. People walk out before the end of a movie because the acting and the plot are terrible.

  2. Movie producers begin making more comedies because they cost less to make than action films.

  3. More people begin going to matinee movies instead of night to save money on the ticket.

  4. People at the movie theatre switch from popcorn to candy because popcorn has gotten too expensive.

(1 point) Suppose a group of 900 smokers (who all wanted to give up smoking) were randomly assigned to receive an antidepressant drug or a placebo for 6 weeks. Of the 513 patients who received the antidepressant drug, 110 were not smoking one year later. Of the 387 patients who received the placebo, 101 were not smoking one year later. Given the null :   and the alternative hypothesis: ≠ 0 , conduct to see if taking an antidepressant drug can help smokers stop smoking. Use,  α= 0.05

(a) The test statistic is

(b) The P-value is

(c) The final conclusion is

    ◯ A. There seems to be evidence that the patients taking the antidepressant drug have a different success rate of not smoking after one year than the placebo group

    ◯ B. There is not sufficient evidence to determine whether the antidepressant drug has an effect on changing smoking habits after one year.

 

Which of the following is an implicit cost of owning and operating a farm? 

 

  1. The money a farmer could earn by working for someone else. 

  2. The money paid for repairing a tractor.

  3. The money received for the crops grown during the season. 

  4. The money paid for fertilizer each growing season

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