Which of the following is the correct definition of opportunity cost? The best alternative foregone for any choice
The resource costs for the production of a product
The explicit costs of changing business models
The revenue lost due to inefficient production
The percentage of a product’s value wasted by a consumer

Utils measure the benefit gained by

the government
all market players
business firms
consumers
entrepreneurs

A student can get paid $12 per hour to run a three-hour economics tutoring session, or he can take a five-hour shift helping at his mom’s store that pays $15 per hour. What is the opportunity cost of working at the store?

$12
$75
$36
$45
$60

Based on the table, which of the following vending machine items should the consumer purchase?

Good Utils Price
Candy Bar 20 $1.00
Mint Gum 10 $0.50
Potato Chips 25 $1.00
Breakfast Bar 45 $2.00

Candy Bar
Mint Gum
Potato Chips
Breakfast Bar
Inadequate data to determine