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0103 Opportunity Cost and Market Structures

0103 Opportunity Cost and Market Structures

Assessment

Presentation

Social Studies

11th Grade

Easy

Created by

Jennifer Miller

Used 2+ times

FREE Resource

8 Slides • 8 Questions

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Multiple Choice

Which of the following best describes the concept of opportunity cost?

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The money spent on a product

2

The value of the next-best alternative given up when a choice is made

3

The total cost of all available options

4

The time taken to make a decision

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Open Ended

Why is understanding opportunity cost important when making decisions in everyday life?

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Multiple Choice

Which of the following best describes opportunity cost?

1

The price paid for an item

2

The value of the next best alternative forgone

3

The total cost of all alternatives

4

The amount of money spent on goods

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Multiple Choice

Which of the following is NOT a characteristic of perfect competition?

1

Many producers and consumers

2

Full/symmetric information

3

High barriers to entry

4

No transaction costs

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Fill in the Blank

Markets that do not meet the standards of perfect competition are called ___.

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Multiple Select

Select all characteristics that apply to an oligopoly market.

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Firms are interdependent

2

High barriers to entry

3

Many producers and consumers

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Firms act strategically

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Multiple Choice

What is opportunity cost?

1

The value of the next-best alternative given up when a decision is made

2

The total cost of all alternatives

3

The amount of money spent on a choice

4

The benefit received from all options

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Open Ended

How can understanding opportunity cost help you make better decisions in your daily life?

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