The opportunity cost of reading a book A)equals how much John enjoys the book. Played 811 times. 2. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Comparative … As the most important objective is to convey the most important message for to the reader. Save. ANS: C … However, imitation is done in two ways. Please sign in or register to post comments. Opportunity Cost DRAFT. Customers will be ready to purchase a specified quantity of a product, at a specified price, if marginal utility of further spending is equivalent to the, Must be sound & mature and be competent of entering into an agreement is, How much (quantity) of a commodities or service is wanted by buyers is. Unique resources and low cost resources company have. as the industry have high profits, many new entrants will try to enter into the market. All Questions. A firm (like Opportunity Cost) must organize its management systems, processes, policies and strategies to fully utilize the resource’s potential to be valuable, rare and costly to imitate. Opportunity cost is the value of something when a certain course of action is chosen. Opportunity Cost DRAFT. Therefore, it is necessary to block the new entrants in the industry. Opportunity Cost Questions and Answers Test your understanding with practice problems and step-by-step solutions. Definition of Opportunity Cost in Economics In modern economic analysis, the factors of production are scarce as compared to the wants. Related Topics. Initially, fast reading without taking notes and underlines should be done. View Answer (B) mathematical model. D. all goods are free. 0. Live Game Live. Economics Quiz Questions Test contains 10 questions. Free goods j. All of the following are examples of opportunity cost except: A. the leisure time sacrificed to study for an exam. As output increases, average fixed cost: (a) … These forces are used to measure competition intensity and profitability of an industry and market. Academic year. Answer: Yes. ABOUT THIS QUIZ: Chapter: Classifications of cost; Quiz Type: Multiple choice questions (MCQs) Number of MCQs: 22; Total Points: 22; Approximate Time Required: 10 – 15 minutes ) Back to: Classifications of cost (quizzes) Show your love for us by sharing our contents. Decisions needed to be made and the responsible Person to make decision. College and universitiy courses MCQs, , islamic banking, demand, basic rules of musharika, promotion, opportunity cost test prep for fastest … The opportunity cost of additional 20,000 gallons of milk is 1,000 cars. However, the problem should be concisely define in no more than a paragraph. 13. STEP 2: Reading The Opportunity Cost Harvard Case Study: To have a complete understanding of the case, one should focus on case reading. Opportunity cost. Edit. Its changes and effects on company. MCQsLearn Web Portal Copyright © 2014-2020. This led to the idea of an opportunity cost (OC). The strengths and weaknesses are obtained from internal organization. History. Because it is a 3 marks question – appropriate example of choice must be given. Then consider what else you could be doing with your time or money if you decided not to engage in those activities. How Do You Ensure Pupils Understand Explanations, Leveraged Buyout LBO of BCE Hedging Security Risk. jgraybill. b. a field that applies economic theory and the tools of decision science. History. These kinds of decisions will typically involve constraints like time, social norms, resources, rules, and physical realities. Disclosure: As an Amazon Associate I earn from qualifying purchases. Therefore, neither has a comparative advantage in either good. - A measure of how scarce an item is. Economics Quiz Questions, which are covered in this chapter, relate to the topic, Theory of Cost. Answer: In both, the opportunity cost of 1 car is 5 computers. Therefore there must be some resources and capabilities in an organization that can facilitate the competitive advantage to company. We know that 15% of the AS and 20% of the … Edit. and your first topic is the Economic Problem and opportunity cost.. Of course, what makes this year different is that the Economics A Level teacher is now thinking about the use of quantitative methods all of the time (aren't you?). Student’s role is to analyze the case and diagnose the situation, identify the problem and then give appropriate recommendations and steps to be taken. If the company holds some value then answer is yes. the idea that a government must decided to produce more or less military or consumer goods. The Office Trivia Quiz! C. opportunity costs are zero when the production of bread increases. Print; Share; Edit; Delete; Host a game. ORGANIZED TO CAPTURE VALUE: resources, itself, cannot provide advantages to organization until it is organized and exploit to do so. It is used for the purpose of identifying business opportunities and advance threat warning. a visual way of examining opportunity cost. Topic: Marginal Cost. External environment that is effecting organization. The reasons that resource imitation is costly are historical conditions, casual ambiguity and social complexity. 9th - 12th grade . c. 4 pounds of potatoes. Cost/Benefit Analysis. Edit. Keisha can produce the following combinations of X and Y: 100X and 20Y, 50X and 30Y, or 0X and 40Y. d. 1/4 pound of potatoes. An insufficient quantity to satisfy everyone’s wants 10. Objectives of the organization and key players in this case. True False. Preview this quiz on Quizizz. Firstly, the introduction is written. Quiz 2: Production possibilities and opportunity cost. It is very important to select the alternatives and then evaluate the best one as the company have limited choices and constraints. 1. Practice. The opportunity cost rate to be applied to any investment is the rate of return that could be earned on alternative investments of similar risk. Solo Practice. This is the currently selected item. Increase sales, market shares, return on investments. The law of demand states that: a. as the quantity demanded rises, the price rises b. as the price rises, the quantity demanded rises c. as the price rises, the quantity demanded falls d. as … 0. Opportunity cost is: (a) Direct cost (b) Total cost (c) Accounting cost (d) Cost of foregone opportunity. Cost measures the cost of 1 car is 5 computers organization due to change in Legislation and effects! A thorough reading and understanding of the information provided in the bubbles corresponding to your number! 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