What is opportunity cost, Microeconomics

Assignment Help:

What is opportunity cost? 

Answer:   Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that could be received from that opportunity), or the most valuable foregone alternative. For instance, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that may have been done with the land and construction funds instead.

 


Related Discussions:- What is opportunity cost

Elasticity, if you were making the pricing decision for the gasoline compan...

if you were making the pricing decision for the gasoline company, would you cut, raise or leae the price unchanged

What do you meant by multinational corporation, Q. What do you meant by Mul...

Q. What do you meant by Multinational Corporation? Multinational Corporation: A multinational corporation (MNC) is a company that directly undertakes productive facilities or o

RESOURCE MARKETS, 1. What is a resource market? 2. Describe resource deman...

1. What is a resource market? 2. Describe resource demand and resource supply. 3. Define derived demand. 4. Describe the resource market demand and supply curve. 5. Define a te

Sales revenue maximization model , What are the major differences between t...

What are the major differences between the equilibrium of profit maximiser and sales revenue maximiser?

Marris model, explain marris model of the managerial enterprise

explain marris model of the managerial enterprise

What is cost effectiveness analysis, Q. What is Cost effectiveness analysis...

Q. What is Cost effectiveness analysis? Cost effectiveness analysis A method which seeks to identify the least cost option for meeting a particular objective. It actives prior

Pricing ATM Machines, A bank in a medium-sized midwestern city, Firm X, cur...

A bank in a medium-sized midwestern city, Firm X, currently charges $1 per transaction at its ATMs. To determine whether to raise price, the bank managers experimented with a numbe

S block elements, which is more dense-Rubidium or Rubidium Hydride?

which is more dense-Rubidium or Rubidium Hydride?

What are the main weaknesses of using demand-side policies, What are the ma...

What are the main weaknesses of using demand-side policies? Trade-off issues a) Growth and low unemployment often come with inflation b) Government stimulatory policies m

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd