What Is the Opportunity Cost of Making a Component Part

question 2

Multiple Choice

What is the opportunity cost of making a component part in a factory with no excess capacity?

• A) Variable manufacturing cost of the component.
• B) Fixed manufacturing cost of the component.
• C) Cost of the production given up in order to manufacture the component.
• D) Net benefit foregone from the alternative use of the capacity requireD.

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Definitions:

Price Level

A measure reflecting the average prices of goods and services in an economy at a given time.

Interest Rates

The cost of borrowing money, often expressed as a percentage of the amount borrowed, which can influence consumer spending and economic growth.

Store of Value

An asset that can be saved, retrieved, and exchanged in the future without deteriorating in value.

Medium of Exchange

An instrument used to facilitate the sale, purchase, or trade of goods between parties.