You and two partners start a company. However, your partners play no role in running the company. You spend all your time managi
ng the business. The time that you could have spent working for someone else and earning wages instead of running the business is your: a. Explicit costs
The correct answer is letter "D": Opportunity cost.
Explanation:
Opportunity cost is described as the return of the choice selected over the potential return that could have been obtained from the choice left behind. It represents the return of the option chosen compared to the choice forgone. Opportunity costs is also defined as the return of the best next available option.
Price elasticity of demand in economics measures the degree of the responsiveness of the quantity demanded of a good or service to increase in its price.
Therefore reverse elasticity will be the measure of the degree of responsiveness of price to changes in quantity demanded.
Therefore in the options given in the scenario, an increase in price resulting from a rise in demand is most likely the appropriate definition of a reverse elasticity
This statement is false because all funds acquired through earnings have an intrinsic cost that must be determined at the time of withholding them, which must be taken into account during the sale process of any title that is part of the estate. business.
