Question

1. the next best alternative is called a trade - off in decision making. *

true
false
use the following information below to answer questions 9 and 10.
situation - it was going to be a beautiful day on saturday. yaretzi and jaliyah were planning on traveling to paris mountain to go on a hike. however, maria called and invited them to go have a picnic in downtown greenville. taretzi and jaliyah decided to accept marias invitation and enjoyed some wonderful mac n cheese and chocolate on saturday.

1. what is scarce in this situation? *

your answer

1. what was the opportunity cost of their decision? *

your answer

Explanation:

• Question 8: The next best alternative is called opportunity cost, not a trade - off. A trade - off is the act of giving up one thing for another.
• Question 9: Time is scarce. They had to make a choice between two activities (hiking and picnic) on the same day (Saturday), indicating that time (as a resource) was limited.
• Question 10: The opportunity cost is the value of the next best alternative forgone. In this case, since they chose the picnic, the opportunity cost is going on a hike at Paris Mountain.

Answer:

• Question 8: False
• Question 9: Time
• Question 10: Going on a hike at Paris Mountain