Week 1 Quiz 31 Correctly Answered Questions Latest Update

Suppose Sarah was considering between buying a burger or a pizza. She would be willing to pay $10 for the pizza, which costs around $5. The opportunity costs of buying a burger would be: {Ans: $5}Say John was choosing between 3 alternatives: going to the beach, washing his car, or going out with a friend. The opportunity cost of going out with a friend is: {Ans: Going to the beach or washing his car}The local Taco Hut charges the same price for everything on its menu: $3 will buy a taco, a burrito, or nachos. You buy the taco and think that if you had not purchased the taco, you would have purchased the burrito. The opportunity cost of the taco is: {Ans: your enjoyment of the burrito.}Two neighbors, Molly and Sandy, are separated by a white picket fence. Each neighbor has a garden that grows tomatoes and peppers. How could Molly and Sandy gain from trade? {Ans: Molly could trade peppers to Sandy in exchange for tomatoes if Molly was the more efficient grower of peppers.}The opportunity cost of something is: {Ans: the next best alternative given up to acquire it.}A new fast-food restaurant