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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.
what is rational decision and why it requires one''s choices be consistent with one''s goals?
Carmen, the Queen of Electra, is concerned over what she believes is an excessive consumption of electricity. Consequently, she proposes an excise tax on electricity consumption w
Capital Gain: A capital gain is a form of profit which is earned on an investment by re-selling an asset for more than it cost to buy. Assets that can be purchased for this purpose
Regardless of the market structure, oligopolist and the monopolist maximize their TR when MR=0. Do you agree?
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
describe scitovosky''s double criterion
assingnment on production cost
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What is meant by labor force? In economics the labor force is the group of people who have a potential for being employed. Normally, the labor force having of everyone above
I don''t understand PPC at all
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