Opportunity cost is the value of the next best alternative that must be foregone to undertake an activity. It represents the real cost of a decision.

Question

Asked on March 31, 2026Economics

This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.

Accepted Answer · 2026-03-31T15:25:10.242Z

Here are the answers to all the questions from the image: 1. Opportunity cost is the value of the next best alternative that must be foregone to undertake an activity. It represents the real cost of a decision. The correct option is (d). Answer for 1: real 2. The order of ranking needs according to their importance is a scale of preference. The correct option is (c). Answer for 2: scale of preference 3. Step 1: Arrange the scores in ascending order. 2, 5, 15, 18, 30 Step 2: Identify the

Accepted Answer · 2026-03-31T15:25:10.242Z

Here are the answers to all the questions from the image: 1. Opportunity cost is the value of the next best alternative that must be foregone to undertake an activity. It represents the real cost of a decision. The correct option is (d). Answer for 1: real 2. The order of ranking needs according to their importance is a scale of preference. The correct option is (c). Answer for 2: scale of preference 3. Step 1: Arrange the scores in ascending order. 2, 5, 15, 18, 30 Step 2: Identify the

Opportunity cost is the value of the next best alternative that must be foregone to undertake an activity. It represents the real cost of a decision.

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Opportunity cost is the value of the next best alternative that must be foregone to undertake an activity. It represents the real cost of a decision.

Need help with your own homework?

More Economics Questions