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All of the following are possible opportunity costs to the decision to go out for Pizza except
You could have gone out for Chinese food
Eaten at home instead
You could have gone to your friends house
You will have consumed a lot of food
What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired
Along with cost, which other concept most related to the concept of scarcity?
Using marginal analysis and the information in the table, how many pairs of socks should you buy?
Why does the marginal benefit decrease as you buy more pairs of socks?
Each pair of socks is scarce
Marginal utility (usefulness) diminishes with each pair of socks
Socks are expensive
You need socks in order to wear shoes
If you go from point A to point B on the curve, what is your opportunity cost?
250 units of Good R
650 units of Good R
250 units of Good T
500 units of Good T
How confident do you feel about the content covered in Unit 1
Not confident at all