Question and answer
The value of the next best alternative that is given up to obtain a preferred item is called? 1. opportunity cost 2. trade off 3. substitution effect
The value of the next best alternative that is given up to obtain a preferred item is called opportunity cost.
Expert answered|selymi|Points 7212|
Question|Rated good
Asked 1/3/2012 9:06:02 AM
Updated 8/9/2014 12:27:40 PM
3 Answers/Comments
This answer has been confirmed as correct and helpful.
Edited by andrewpallarca [8/9/2014 12:27:39 PM], Confirmed by andrewpallarca [8/9/2014 12:27:40 PM]
Get an answer
New answers
Rating
3
The value of the next best alternative that is given up to obtain a preferred item is called trade off.
Added 1/3/2012 10:45:39 AM
This answer has been flagged as incorrect.
Flagged by andrewpallarca [8/9/2014 12:27:42 PM]
Comments
I do not understand how you are rated good for wrong answers.
Added 1/3/2012 10:46:16 AM
Opportunity cost is correct. Opportunity cost is the cost of any activity measured in terms of the value of the best alternative that is not chosen (that is foregone). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices.
Added 1/3/2012 11:00:23 AM
Add an answer or comment
Log in or sign up first.
27,203,476
questions answered
GET
Answers.
GET THE APP.
weegy*
*
Get answers from Weegy and a team of really smart live experts.
Popular Conversations
15. What is 26% as a fraction in simplest form?
Weegy: 22% as a fraction in the simplest form is 11/50.
8/15/2018 9:52:26 AM| 3 Answers
What is Amendments III?
Weegy: The First Amendment prohibits the making of any law respecting an establishment of religion, impeding the free ...
8/13/2018 7:06:29 PM| 3 Answers
S
L
Points 164 [Total 164] Ratings 0 Comments 124 Invitations 4 Offline
S
L
R
P
R
P
R
Points 140 [Total 600] Ratings 0 Comments 20 Invitations 12 Offline
S
L
P
P
Points 109 [Total 563] Ratings 0 Comments 109 Invitations 0 Offline
S
R
L
R
P
R
P
R
R
R
Points 55 [Total 877] Ratings 0 Comments 5 Invitations 5 Offline
S
Points 16 [Total 33] Ratings 0 Comments 16 Invitations 0 Offline
S
Points 12 [Total 12] Ratings 0 Comments 12 Invitations 0 Offline
S
Points 10 [Total 40] Ratings 1 Comments 0 Invitations 0 Online
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.