What is the opportunity cost of a good?

The quantity of other goods sacrificed to get another unit of that good.

Answered by George W. Economics tutor

4920 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

What do consumer and producer surplus represent?


A firm's long run total cost curve is given by TC(Q) = 1000Q - 30Q^2 + Q^3. Derive the expression for the long run average cost curve and sketch it. At what quantity is the minimum efficient scale?


What is meant by comparative advantage?


Explain the possible causes of deflation in an economy. (15 Marks)


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2024

Terms & Conditions|Privacy Policy