Opportunity Cost

Assessing opportunity cost involves: making choices and dealing with consequences. choosing consequences over rewards. reviewing past decisions and changing them. minimizing profit and loss.

Rescooperate Ice Cream Shop recently analyzed their books. They found that in the past year, they made $100,000 selling ice cream and spent $75,000 on supplies and factory space. The remaining $25,000 represents: profit. loss. revenue. expense.

One method for studying opportunity cost is to think in terms of: risk and ability. pros and cons. trade-offs trial and error.

Demonstrating opportunity cost is done through production: analysis. possibility. calculation. research.

Venya and Kari own a flower shop that specializes in custom bouquets. Wanting to expand into selling potted plants, they create a production possibility chart to assess whether the potted plants are a good idea. How many potted plants should they be able to produce on Day 3? 25 30 50 75

Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers? CHECK ALL THAT APPLY. High school athletes stop shopping there. The inventory of sports socks goes unsold. Publicity for the store declines. Profits decline because dress shoes cost less than sneakers.

How does a production possibility chart assist in outlining opportunity cost? It compares profit potential of one product to another. It compares production cost of one product to another. It compares production numbers of one product to another. It compares consumer demand of one product to another.

A company makes $200,000 in a year and has $150,000 in production costs, leaving them with $50,000. The $200,000 represents opportunity _______.

What is a graphical representation of the combination of goods and services that can be produced in a situation?

Look at the equation framework. Which of the following lists the proper placement of terms, from left to right, to complete the equation? revenue, profit, opportunity cost profit, revenue, production cost production cost, profit, revenue opportunity cost, revenue, profit