The most desirable alternative given up as a result of a decision is known as opportunity cost.
Which of the following is an alternative that we sacrifice when we make a decision is?
Opportunity cost
Opportunity cost is –(a) any alternative we sacrifice when we make a decision.
What is defined as giving up one alternative for another?
Giving up one alternative for another is called. a trade-off.
Why is the decision being made a decision at the margin?
– Deciding by thinking on the margin involves comparing the opportunity costs and benefits. – This decision-making process is called a cost/benefit analysis. To make good decisions on the margin, you must weigh marginal costs against marginal benefits.
What are decisions made at the margin?
Choices Are Made at the Margin. Economists argue that most choices are made “at the margin.” The margin is the current level of an activity. Think of it as the edge from which a choice is to be made. A choice at the margin is a decision to do a little more or a little less of something.
Which is the least desirable option given up as result of a decision?
Opportunity cost is the least desirable alternative given up as a result of a decision. False When you are thinking on the margin, the factor that should most influence your decision is most closely described by which of the following terms _________
Which is the least desirable alternative given up?
Opportunity cost is the least desirable alternative given up as a result of a decision. b. When there is scarcity and choice there is/are _______. b. costs. When manufactured goods are used to produce other goods and services, they are called capital goods. Scarcity exists because there are limited resources to meet unlimited wants and needs.
Which is the most arttractive alternative in an economic decision?
The most arttractive alternative that is given up when an economic decision is reached. opportunity cost The line that shows different production possibilities for an economy. What is the production possibilities frontier?
Which is the best definition of an alternative?
(a) any alternative we sacrifice when we make a decision. (b) all of the alternatives we sacrifice when we make a decision. (c) the most desirable alternative given up as a result of a decision. (d) the least desirable alternative given up as a result of a decision.
