Hours
4 Hours

Question 2 (1 point)
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Which of the following best describes opportunity cost?
The bachelorette must choose between her two favorite people but can only get married to one of them.
The steak you gave up eating because you are vegan.
Everything you gave up doing such as watching tv, playing video games, hanging out with friends, etc. to spend that time studying.
All your hopes and dreams that you gave up on to study medicine.
Trade
Use the following information to answer the next 3 questions. John and Jack are two friends on an island who mine diamonds and farm coconuts. If John only mines diamonds he can mine 3 diamonds. If he only farms coconuts he can farm 3 coconuts. If Jack only mines diamonds he can mine 2 diamonds. If Jack only farms oconuts he can farm 4 coconuts. This is shown in the table below:

Question

Hours
4 Hours

Question 2 (1 point)
$\checkmark$ Saved
Which of the following best describes opportunity cost?
The bachelorette must choose between her two favorite people but can only get married to one of them.
The steak you gave up eating because you are vegan.
Everything you gave up doing such as watching tv, playing video games, hanging out with friends, etc. to spend that time studying.
All your hopes and dreams that you gave up on to study medicine.
Trade
Use the following information to answer the next 3 questions. John and Jack are two friends on an island who mine diamonds and farm coconuts. If John only mines diamonds he can mine 3 diamonds. If he only farms coconuts he can farm 3 coconuts. If Jack only mines diamonds he can mine 2 diamonds. If Jack only farms oconuts he can farm 4 coconuts. This is shown in the table below:

Accepted Answer

***C*** ∻Key Concept∻ ⚹Opportunity Cost⚹ ∻Explanation∻ ⚹Opportunity cost refers to the value of the next best alternative that is forgone when making a choice. In this case, everything given up to study represents the opportunity cost of that decision.⚹◊How do opportunity cost and comparative advantage influence production decisions in a macroeconomic context?⍭ Generate me a similar question◊

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