Asked by
dayanna montenegro
on Nov 30, 2024
Verified
If the economy were producing at point A and moved to point B the opportunity cost in terms of lost production of robots would be
A) 1 unit of robots.
B) 2 units of robots.
C) 3 units of robots.
D) 2 units of outboard motors.
Opportunity Cost
The advantages that a person, investor, or company forfeits when they opt for one option instead of another.
Outboard Motors
Engines mounted on the outside of the stern of a boat, used to propel the vessel through the water.
- Achieve familiarity with the rudimentary frameworks of production possibilities curves and opportunity costs.
- Articulate the notion of opportunity cost as it applies to making choices.
Verified Answer
MD
Learning Objectives
- Achieve familiarity with the rudimentary frameworks of production possibilities curves and opportunity costs.
- Articulate the notion of opportunity cost as it applies to making choices.