Asked by
becca gregory
on Dec 12, 2024
Verified
Which of the following most accurately reflects the opportunity cost to a pharmacist who drives a taxi?
A) the dollars spent on his previously acquired education in pharmacy
B) the revenue derived from operating the cab
C) zero if the pharmacist received his education on a scholarship that paid his full tuition
D) the value of the pharmacist's time in its highest valued use other than driving a cab
Opportunity Cost
The financial impact of rejecting the most viable alternative during a decision process.
Highest Valued Use
The use of a resource or good that provides the most benefit or value to its user.
Revenue Derived
Pertains to income generated from specific activities or products, indicating a direct source of a company's revenue.
- Illustrate and tally opportunity costs across assorted economic situations.
- Detail the association between opportunity costs, chronological aspects, and decision-making strategies.
Verified Answer
KC
Learning Objectives
- Illustrate and tally opportunity costs across assorted economic situations.
- Detail the association between opportunity costs, chronological aspects, and decision-making strategies.