donovanrobles214 donovanrobles214

18-06-2024
Business

Answered

One method for studying opportunity cost is to think in terms of:

A. risk and ability
B. pros and cons
C. tradeoffs
D. trial and error

Answer :

GinnyAnswer GinnyAnswer

18-06-2024

Final answer:

Opportunity cost is the value of the most desirable alternative foregone. Economic decisions involve trade-offs and marginal analysis, considering diminishing marginal utility.

Explanation:

Opportunity cost measures cost by what is given up in exchange. It is the most desirable alternative that was foregone in the decision-making process. For example, if you choose to go to the movies instead of volunteering at a soup kitchen, the latter becomes your opportunity cost.

Most economic decisions involve trade-offs and marginal analysis, focusing on decisions made at the margin. The law of diminishing marginal utility explains that additional gains tend to decrease as more of a resource is acquired, highlighting the importance of considering opportunity costs in decision-making.

Learn more about Opportunity cost and decision-making here:

https://brainly.com/question/1675370

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