Opportunity cost microeconomics definition
[DOC File]AP Microeconomics
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opportunity cost scarcity definition of a market. law of demand, supply determinants of demand, supply. changes in demand, supply quantity changes in demand, supply. equilibrium rationing function. price elasticity of demand total revenue test. elasticity of supply cross elasticity and income elasticity . price ceiling, price floor
[DOCX File]Chapter 2 - Production Possibilities Frontier Framework
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the opportunity cost (of producing the good on the horizontal axis) rises as more of the good is produced. c. the opportunity cost (of producing the good on the horizontal axis) falls as more of the good is produced. d. the opportunity cost (of producing the good on the horizontal axis) first rises and then falls as more of the good is produced. e.
[DOCX File]Chapter 1
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An opportunity cost is what was sacrificed to do or acquire something else. The condition of scarcity creates opportunity cost. If there was no scarcity, there would be no …
[DOC File]CHAPTER 1
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1. The amount of other products that must be foregone to obtain more of any given product is called the opportunity cost. 2. Opportunity costs are measured in real terms rather than money (market prices are not part of the production possibilities model). 3. The more of a product produced the greater is its (marginal) opportunity cost. 4. The slope of the production possibilities …
[DOC File]Microeconomics: Principles, Applications, & Tools, 7e (O ...
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2.1 The Principle of Opportunity Cost. 1) The opportunity cost of something is: A) the cost of the labor used to produce it. B) what you sacrifice to get it. C) the price charged for it. D) the search cost required to find it. Answer: B. Diff: 1. Topic: The Principle of Opportunity Cost. Skill: Definition. 2) The principle of opportunity cost:
[DOCX File]Chapter 2--Choice, Opportunity Costs, and Specialization
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The opportunity cost of buying the $28 ticket A. is Ronnie's best alternative use of the $28.B. is Ronnie's best alternative use of the one hour it took to wait in line.C. is the value of the $28 to the ticket agent.D. is Ronnie's best alternative use of both the $28 and the one hour spent in line.E. cannot be measured because there is no ...
[DOC File]images.pcmac.org
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Opportunity Cost . Microeconomics vs. Macroeconomics . Positive versus Normative Economics . A. When and Why Economists Disagree . I. Individual Choice . Begin with a formal definition of economics, followed by a more concise version that focuses on scarcity and choice.
[DOC File]ECO 120 : Principles of Microeconomics
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1) Use the basic terminology of microeconomics, including a brief definition of microeconomics. 2) Apply the concepts of scarcity and opportunity cost in discussing consumer and firm decision-making. 3) Identify market equilibrium, and the impact on consumer and firm welfare.
[DOC File]CHAPTER 2: THINKING LIKE AN ECONOMIST
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Definition of opportunity cost - the cost of what you give up to get something else Microeconomics vs. Macroeconomics - The study of how households and firms make decisions and how they interact in specific markets vs. The study of the total economy, or economy-wide phenomena.
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