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r/apecon • u/MagMC2555 • Mar 10 '24
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r/apecon • u/MagMC2555 • Jun 15 '20
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r/apecon • u/Proudblackandafrican • Aug 27 '25
Opportunity cost phrasing
Mr. Carpenter devotes his working time to producing tables and chairs. An increase in the demand for chairs will result in
A) an increase in the amount of time he devotes to producing tables
B) an increase in his opportunity cost of producing tables
C) decrease in the price of lumber
D) a decrease in the price of chairs
E) a decrease in his total revenue
Ok so when we say opportunity cost, like for example we are looking at fish and chips. Say the question is what is the opportunity cost for fish. My answer would be "the opportunity cost for fish is blank amount of chips." So when they say the opportunity cost of producing tables would increase, because mr carpenter would be producing more chairs, they are saying that the opportunity cost for tables is blank amount of chairs, meaning we are losing out on chairs, but how would we be losing out on chairs when we are producing more? Shouldn't the answer be phrased like "an increase in the opportunity cost for producing chairs" because the opportunity cost is the next best thing you miss out on and you would be missing out on tables rather than chairs. Please tell me if im right or wrong.
r/apecon • u/HistoricalAd2576 • May 06 '24
AP Microeconomics Discussion 2024 (whenever you take it)
self.APStudentsr/apecon • u/MagMC2555 • Jun 17 '20
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