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Temka [501]
3 years ago
15

Kevin has $20 to spend on summer clothes. He is looking at shirts, shorts, and flip-flops. Shirts are $10, shorts are $15, and f

lip-flops are $10. Which of the following statements best describes the opportunity costs and benefits of buying a shirt?
Select the best answer from the choices provided.
A.
The opportunity cost is $10; the benefit is that he now has a shirt.
B.
The opportunity cost is that he cannot afford the shorts; the benefit is that he now has a shirt.
C.
The opportunity cost is $10; the benefit is that he saved $15.
D.
The opportunity cost is that he cannot afford the shorts or the flip-flops; the benefit is that he saved $10.
Business
1 answer:
weeeeeb [17]3 years ago
4 0

Answer:

Kevin has analyzed the situation well. However, he should also consider the fact that he saved $10 by only purchasing the shirt.

Opportunity cost is the cost of the forgone alternative. Out of the 3 choices, he only purchased 1 of the choices, the opportunity cost are the other two choices. However, he is still capable of buying the flip-flops costing $10 but he chose not to do so. He should consider it as a savings aside from it being a lost opportunity.

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Answer:

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Hence, French and German farmers wanting to buy equipment from an American manufacturer based in the U.S. will be supplying euros and demanding dollars in the foreign exchange market because the medium of exchange (legal tender) in France and Germany is the "Euros" while it is "Dollars" in the United States of America.

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The answers above correctly fills in the blanks in the question.

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