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What are the definitions of opportunity cost, scale of preference, and how to calculate the median?

Economics

ScanSolve AI Answer

Answer

D

Step-by-step solution

3 steps
  1. Solve Question 1.

    Opportunity cost is the value of the next best alternative foregone. It is often referred to as the real cost of a decision.
    The correct option is (d).
    Answer for 1: real\boxed{\text{real}}

  2. Solve Question 2.

    The order of ranking needs according to their importance is known as a scale of preference. This helps individuals and societies make choices when faced with scarcity.
    The correct option is (c).
    Answer for 2: scale of preference\boxed{\text{scale of preference}}

  3. Solve Question 3.

    To find the median, first arrange the scores in ascending order: $2, 5, 15, 18,

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