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Dmitrij [34]
3 years ago
6

True or false?John says to his friend, "This concert is going to cost me $20 when I buy the ticket." His friend corrects him and

says, "actually, this concert will cost you more than $20 since you have to miss work." His friend is referring to the opportunity cost.
Business
1 answer:
Illusion [34]3 years ago
5 0

Answer:

True

Explanation:

Opportunity cost refers to the value of a missed chance as a result of deciding a certain way. It is the forfeited benefit of choosing one option over another. Economists determine the opportunity cost by calculating the value of the next best alternative.

If John buys the ticket, it will cost $20.  Attending the concert will cause him not to do his homework, as he cannot be in two places at the same time. The consequence of him not doing his homework is the opportunity cost. Attending the concert will, therefore, cost him the $20 and the opportunity cost.

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Alex is a production manager who believes his firm uses more of all types of resources than is necessary to produce its products
madreJ [45]

Answer:

lean manufacturing approach

Explanation:

Based on the information provided within the question it seems that Alex would like to adopt a lean manufacturing approach. This is an approach that focuses mainly on trying to minimize as much waste in the manufacturing process while still increasing productivity. Which is what Alex wants to do since he believes the firm wastes too many resources in production and wants to minimize that.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
One problem with the consumer price index stems from the fact that, over time, consumers tend to buy larger quantities of goods
BigorU [14]

Answer:

SUBSTITUTION BIAS

Explanation:

Substitution bias occurs when a customer decides to purchase a substitute of a good after the prices becomes cheaper than the goods they normally purchase. It rises as a problem in price index due to the fact that customers/buyers can decide to change or substitute goods at an instant because of changes in prices. In situations like this, customers tend to avoid the whole increase in prices by changing to cheaper substitutes. Substitution generally is a consumer changing or substituting an expensive product for a cheaper one due to changes in prices. This usually leads to inflation rate been overestimated or overstated.

4 0
3 years ago
What are the brunches of accounting​
polet [3.4K]

Answer:

<h3>there are<em><u> eight </u></em>branches in accounting:</h3>

1. forensic accounting

2. financial accounting

3. cost accounting

4. managerial accounting

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nika2105 [10]

Answer:

Explanation:

The student loan is set up to have a very low interest rate. They are mostly in the 2 to 3 % range if you qualify. The worst is a payday loan. Those have double digit rates associated with them.

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