Here Are Three Things You Could Do If You Do

question 127

Multiple Choice

Here are three things you could do if you do not attend your economics class: watch television with some friends (you value this at $25) ,read a good novel (you value this at $13) ,or go in to work (you could earn $20 during the economics class) .The opportunity cost of going to your economics class is

• A)$20,because this is the only alternative of the three where you actually receive a monetary payment.
• B)$13,because this is the lowest valued alternative forfeited.
• C)$25,because this is the highest valued alternative forfeited.
• D)$58,because this is the total dollar sum of the alternatives forfeited.

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Definitions:

Electricity Prices

The amount charged by energy suppliers for the consumption of electrical power.

Member-Owners

Member-Owners are individuals or entities that own a share of a cooperative or membership-based organization, granting them certain rights and responsibilities within that organization.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit.

Marginal Revenue

The additional income generated from selling one more unit of a product or service.