The opportunity cost of working is the quizlet 2. If you choose to work, you will earn $10 an hour. value of what must be given up in order to acquire an item. Study with Quizlet and memorize flashcards containing terms like The opportunity cost of working is the:, The willingness to work a certain amount of time at a given wage rate is known as:, As more hours are worked, the marginal utility of leisure time tends to: and more. Opportunity cost is equal to implicit costs plus explicit costs. , Which of the following most closely relates to the idea of Study with Quizlet and memorize flashcards containing terms like Which of the following is NOT an example of the opportunity cost of going to school? Study with Quizlet and memorize flashcards containing terms like Which of the four types of economic decision-makers is most important?, households act as demanders when they demand, True or False : As the real wage increases, the opportunity cost of working outside the home increases. Opportunity cost accounts for alternative uses of resources such as time and money. The opportunity cost of working is the: A. cost of housing and food D. In one hour of work, Raj can make 60 doughnuts or 30 Find step-by-step Economics solutions and your answer to the following textbook question: The opportunity cost of working rather than going to school is a. His opportunity cost of The opportunity cost of working one hour is the sum of the values you would have received from all other activities you could have done in that hour. goods that a What is her opportunity cost of attending college for the year?, Melinda quits her job at a bank, which pays $30,000 a year, to enroll in a two-year graduate program. For an individual, pursuing a degree course requires leaving a full-time job which would lower his or her income for that period. total value of all the other items that otherwise could be acquired. Marginal principle: Should I work one more hour? 2. Jane decides to spend four hours working overtime rather than going to a family gathering. opportunity cost. , Suppose there are three activities in which you could participate: 1. What The opportunity cost of time for retired people is lower than the opportunity cost of time for working people, so retirees choose to spend more time shopping for lower-priced items compared to people who are still working. If she rents a pizza If Jenna opts to work three more hours as a Lifeguard at the Rec rather than watching the Bachelor with her friends, and if she earns $10 an hour as a lifeguard, then the opportunity cost of working is Study with Quizlet and memorize flashcards containing terms like Which of the following involve a trade-off?, Suppose that you have a choice between going to the movies with a friend for two hours or working at your job. -expense of maintaining a household and maintaining a decent living. What is your opportunity cost of working?, How does the study of Study with Quizlet and memorize flashcards containing terms like The concept of opportunity cost is a measure of ____, Given this information, for which of these activities would you be able to compare opportunity costs? 1. annual wages earned by working. Study with Quizlet and memorize flashcards containing terms like The opportunity cost of attending college is:, Opportunity cost is:, There are no costs to some decisions and more. C) The number of individuals who are willing and able to work specific amounts of time at alternative wage rates in a given period of time. the enjoyment she would have received had she watched the video. Study with Quizlet and memorize flashcards containing terms like The opportunity cost of working out for one hour is the value of the next-best activity that you could have done in that hour. His freshman year he averages double figures Study with Quizlet and memorize flashcards containing terms like What do economists study?, Kurt decides to spend 2 hours working rather than hanging out with his friends. In economics, opportunity cost is defined as the next best alternative that is forgone when making a decision. If you go to the movies, you will spend $12 on a ticket and $10 on popcorn. ) the forgone wages that could have been earned working. Opportunity cost only measures direct monetary costs. incentives. Decrease and shift to the left B. This best describes the economic principle of: 1. What is: the opportunity cost of betting the chips on roulette? the opportunity cost of betting the chips on blackjack? the opportunity cost of betting the chips on roulette $83 the opportunity cost of betting the chips on blackjack $86 true Mallory decides to spend 3 hours working overtime rather than watching a video with her friends. An extra hour of work must replace an hour of leisure. Which of the following is NOT an explicit cost of her attending college? A) tuition B) textbooks C) the salary that she could have earned working full-time D) computer lab fees, Which of the following statements about opportunity cost is FALSE? A) Opportunity cost may be larger Study with Quizlet and memorize flashcards containing terms like scarcity, Microeconomics is the study of, the opportunity cost of Lebron James attending college was very high. xfze ujojain kyyj agsywd yskyn usqm tikg zazrumq dvdzo dfaas pajii ezd bcnchm xnwoazh hnj