Answer the following: As a consultant, you get $100 an hour. Instead of working

Question

Answer the following: As a consultant, you get $100 an hour. Instead of working one night, you go to a concert that costs $100 and lasts two hours. The opportunity cost of the concert is: C a. S0 b. $300 O c. $200 d. $100 The basic concepts highlighted by the production possibilities model are: C a. Scarcity and interest rates. b. Demand and factors of production. c. Supply and demand. d. Scarcity and opportunity costs C If a society has a linear production possibilities frontier, it must be the case that it faces a. Increasing opportunity costs b. Decreasing opportunity costs c. Constant opportunity costs d. No opportunity costs.

Explanation / Answer

Ans

1 100+100=200(i.e 100 for each one hour)

2 scarcity and OPPUTUNITY cost. If more resources were available then there will be no limit on output

3 constant OPPUTUNITY cost

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