Opportunity Cost APPLIED Law of Increasing Opportunity Cost Opportunity Cost & PPC Opportunity Cost Examples MORE Opportunity Cost Examples
100
What is Opportunity Cost
The quantity of goods that must be given up to obtain another good
100
What are Good Grades
Marco wants to watch The Great British Baking Show, but he has a chemistry exam tomorrow. The opportunity cost of watching The Great British Baking Show would be ___.
100
What is Bows Out
This happens to the PPC when the opportunity cost increases.
100
What is $15
Oliver has three library books about to be overdue ($5 per week per book charge for overdue books), but it is finals week and he has no motivation to return them. The opportunity cost of not returning them until next week would be ___.
100
What is Going to Ashley Furniture Home Store
Molly has to choose between going to Old Navy on Black Friday to get jeans and going to Ashley Furniture Home Store to get a new table. The opportunity cost of getting new jeans would be ___.
200
What is DECREASES
The amount given up of a good (INCREASES or DECREASES) as more of another good is produced.
200
What is DECREASES
Tesla produces 100,000 less cars this period than during a previous period. The opportunity cost of producing Teslas (INCREASES or DECREASES).
200
What is Convex
When there is a decreasing opportunity cost, the PPC would be ___.
200
What is a Drink and a Hot Dog
Tony spends $7 on a pizza instead of buying a drink and a hot dog for the same amount of money. The opportunity cost is ___.
200
What is Lost Wages for 1 yr
David quits his job for a year to go back to school full time. The opportunity cost in this scenario would be ___.
300
What is Free
When one good is ___, there is no opportunity cost given up.
300
What is INCREASES
An Apple factory produces 1,000,000 more iPhones this year than the previous years. The opportunity cost of producing iPhones (INCREASES or DECREASES).
300
What is Constant
Rarely, the PPC will be straight indicating ___ opportunity cost.
300
What is Burritos
Elias works at a pizza shop where he holds the benefit of free pizza and makes $8.00/hr, but he was offered a job at Taco Bell instead where he would make $8.00/hr and get free burritos on the clock. The opportunity cost of switching jobs would be ___.
300
What is the Potential Amount of Rent
A business owns its building. If the company moves, the building could be rented to someone else. The opportunity cost of staying there is
400
What is Opportunity Cost
Every decision you make has a(n) ___
400
What is INCREASES
Opportunity cost (INCREASES or DECREASES) when a large sacrifice of an alternate good causes an increasingly greater production of another good.
400
What is Specialization
The PPC becomes convex because there is a ___ of labour.
400
What is $150 for two hours of work
As a consultant, you get $75 an hour. Instead of working one night, you go to a concert that costs $25 and lasts two hours. The opportunity cost of the concert is
400
What is 20 minutes
Jill decides to take the bus to work instead of driving. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost would be ___.
500
What is Constant Opportunity Cost
Resources are easily adaptable for either good
500
What is Attending the Party
Trey has a basketball game tomorrow, but he was invited to a party. The opportunity cost of fulfilling his athletic obligation would be ___.
500
What is Increased
A concave PPC signals that the opportunity cost has ___.
500
What is a New Car
Steve and Abby want to go to the December to Remember Lexus End of Year Clearance Event, but they already committed to going on a foreign excursion instead. The opportunity cost of this case would be
500
What is Lost Wages/$1600
Mr. Brown makes $400 an hour as an attorney and is considering paying someone $1000 to paint his house. If he decides to do it himself, it will take four hours. His opportunity cost for doing it himself is ___.






(Law of Increasing) Opportunity Cost

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