Question

st gioe up sôme other good in return. ers do not take advantage of opportunities as much as high income worke s make the most of life's opportunities. nt factor in decision making is cost Collapse QUESTION 11 The opportunity cost of an activity is subjective which means it: O a. must be the same for everyone. O b. has a maximum value equal to the minimum wage Oc. is always greater then the expected benefit from the activity. O d. varies from person to person. O e. is always known with exact certainty QUESTION 12 Consumers need information to make good choices. Which of the following is correct with regar O a. Advertising is always harmful to consumers 0 b. There is no cost to acquire more information about a product. Oc. Acquiring more and more information before making a decision is always rational. d. Th ere is an opportunity cost in acquiring additional information D e. Labels on products offer no information to consumers

Answer 1

11) d is correct

Opportunity cost is always subjective meaning it varies person to person and only you know your opportunity cost.

12) c is correct

An individual is considered rational when he acquires all the information he can before making the decision.