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Opportunity costs
Which of the following is true about opportunity costs? *
a. An individuals opportunity cost is not affected when explicit costs decrease.
b. An individuals opportunity cost decreases when an alternative becomes more valuable.
c. An individuals opportunity cost decreases when explicit costs increase.
d. An individuals opportunity cost increases when the next best alternative becomes more valuable.
Which of the following most accurately identifies the opportunity cost of a cafe manager considering opening a new cafe location? *
a. The additional revenue gained from the new location
b. The cost of rent at the original location
c. The value of the next best alternative to their time and money spent on the new location
d. The shorter wait time for customers due to the opening of the new location
Which of the following best describes the trade-offs involved in increasing animal welfare requirements for egg-laying chickens? *
a. Increasing animal welfare requirements will decrease the cost of eggs
b. Increasing animal welfare requirements will increase the cost of eggs
c. There are no tradeoffs.
You purchased non-refundable plane tickets to travel to Tampa this weekend for $200. Your friend just called and won 2 free concert tickets for this weekend to see your favorite artist and wants to know if you will join them. What is the minimum amount you can value the concert to cancel your travel plans to Tampa? *
a. $1
b. $101
c. $201
d. You should not cancel your travel plans, since your tickets are non-refundable
Sample Answer
1. Which of the following is true about opportunity costs?
- d. An individuals opportunity cost increases when the next best alternative becomes more valuable.
Explanation:
- Opportunity cost represents the value of the next best alternative forgone when making a choice.
- If the value of the alternative increases, the opportunity cost of the chosen option also increases.
2. Which of the following most accurately identifies the opportunity cost of a cafe manager considering opening a new cafe location?
- c. The value of the next best alternative to their time and money spent on the new location.
Explanation:
- The opportunity cost of opening a new cafe includes the value of what the manager could have done with the time, money, and resources invested in the new location. This could include expanding the existing cafe, investing in other business ventures, or pursuing personal interests.
3. Which of the following best describes the trade-offs involved in increasing animal welfare requirements for egg-laying chickens?
- b. Increasing animal welfare requirements will increase the cost of eggs.
Explanation:
- Improving animal welfare often requires changes to housing, feeding, and care practices, which can increase production costs for farmers. These increased costs will likely be passed on to consumers in the form of higher egg prices
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