Multiple Choice QuestionWhat is the opportunity cost of Product B?Multiple choice question.2 times Product B½ Product B½ Product A2 times Product A
Question
Multiple Choice Question
What is the opportunity cost of Product B?
- 2 times Product B
- ½ Product B
- ½ Product A
- 2 times Product A
Solution
To answer this question, we first need to understand what opportunity cost is. Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen. In other words, it's what you give up to get something else.
However, without additional information about the relationship between Product A and Product B, it's impossible to determine the opportunity cost of Product B. We need to know what we are giving up when we choose Product B over Product A.
For example, if 1 Product B can be produced at the cost of 2 Product A, then the opportunity cost of Product B would be 2 times Product A. But without this information, we can't answer the question.
Similar Questions
Multiple Choice QuestionCosts developed which identify what products should cost are calledMultiple choice question.standard costs.product costs.actual costs.
Fill in the Blank QuestionFill in the blank question.Costs incurred to produce or purchase two or more products at the same time are called costs.
The value of a product is determined as quality divided by price.Group of answer choicesTrueFalse
Question 461 ptsCosts that vary depending on the number of units produced or sold are referred to as fixed costs.Group of answer choicesfalsetrue PreviousNext
The goods and services a business uses to produce its outputs are known as ______.Multiple choice question.inputsinsertsingredients
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.