The concept of opportunity cost means (Points : 1) Compare what you get with wha

Question

The concept of opportunity cost means (Points : 1)                                           Compare what you get with what you give up in making choices
                                        The highest value of the next best opportunity
                                        Equates Marginal revenue and Marginal costs
                                        None of the above
                                            
                         

                     24. Movement along a given demand curve represents (Points : 1)                                           Successful Advertising
                                        A change in demand
                                        A change in quantity demanded
                                        All of the above
                         

Explanation / Answer

for 28 = The "Law of Demand"

ans as per quiz =

Both b and c

that is:

Option b: a above can be explained when the value of time is accounted for &

Option c: People will engage in more search for higher priced items, since the potential cost saving is lower than for low priced item

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