The opportunity cost of computer chip production is 2.
<h3 /><h3>Definition of opportunity cost.</h3>
Opportunity cost of the next best option that is forgone when one option is chosen over other options. Opportunity cost is also known as implicit cost.
<h3>Calculation of opportunity cost</h3>
In order to determine the opportunity cost divide the number of potato chips by the number of computer chips that can be made.
Opportunity cost = number of potato chips / number of computer chips
50 / 25 = 2
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There are many ways you can pay for your college tuition. First, you can find a part time job. Most colleges are gracious to students, especially working students. So they would usually allow installments on the tuition fee, with some added terms. If not, there would always be university scholarships if you happen to be doing well in your studies. There also is the option of student loans for those students who need help in paying for the tuition.
Answer:
Reduction in consumer confidence will decrease consumption demand, which will decrease output. IS curve... view the full answer
Explanation:
Reduction in consumer confidence will decrease consumption demand, which will decrease output.
Answer:
C
Explanation:
Increasing minimum wage increases the cost of hiring labour. As a result, firms would reduce the amount of labour skilled labour employed in order to reduce cost of hiring labour.
Another option, is for firms to hire more skilled labours
Answer:
B. is much less than the costs to the whole American economy.
Explanation:
When foreign industries are prevented from entering the U.S. Market, the supply of the products that those foreign firms would provide is kept artificially low, in order to benefit domestic producers. This means that prices become more expensive than they should be, affecting all consumers.
For example, if the U.S. barred car imports from Japan, cars would become very expensive, and while the national car industry would benefit, the vast majority of consumers would be harmed by the higher prices.
