What is opportunity cost ?
What is the scarcity and production efficiency in production possibility frontier?
What is utility maximizing rule?
What is specialization?
What is gains from trade
What is opportunity cost ?
What is the scarcity and production efficiency in production possibility frontier?
What is utility maximizing rule?
What is specialization?
What is gains from trade
What is opportunity cost ?
Ans: Opportunity cost has to do with what it costs a company to produce goods or services in terms of what could have been earned by using those same resources to produce different goods or services. Essentially, opportunity cost is all about comparing one production option to another production option. This involves determining the value received from one going with the production of one option versus what could be earned by choosing to go with a different option, using the same raw materials.
nice
[CENTER][SIGPIC][/SIGPIC][/CENTER]
Bookmarks