Opportunity Cost

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.

High school athletes stop shopping there. The inventory of sports socks goes unsold.

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

Possibility.

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 _______.

Revenue

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

Trade-offs

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

50

Which statements demonstrate the meaning of opportunity cost for producers and consumers? Check all that apply. *If producers can only produce one item, they must decide which item to produce based on profit. *Consumers are limited by their resources, and must give up the chance to purchase one item in order to buy another. Consumers and producers are not limited by scarcity of resources or time. *When deciding to produce or purchase one item, another opportunity must be given up. The only factor influencing opportunity cost is personal opinion.

*If producers can only produce one item, they must decide which item to produce based on profit. *Consumers are limited by their resources, and must give up the chance to purchase one item in order to buy another. *When deciding to produce or purchase one item, another opportunity must be given up.

What could happen as a result of the effects of the opportunity cost on the left? Check all that apply. *missing out on spending time with friends is more prepared for the test has more time to get work done *gives up a chance to have fun takes more time to finish homework

*missing out on spending time with friends *gives up a chance to have fun

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.

It compares production numbers of one product to another.

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

Making choices and dealing with consequences.

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

Production possibility curve

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.

Profit

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

Profit, revenue, production cost

Opportunity cost is what must be ✔ given up in order to ✔ gain something else. Opportunity cost forces consumers and producers to make✔ choices.

given up/ gain/choices.