{"id":58596,"date":"2024-04-16T01:22:19","date_gmt":"2024-04-16T01:22:19","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=58596"},"modified":"2024-04-16T01:22:19","modified_gmt":"2024-04-16T01:22:19","slug":"a-person-is-obliged-to-choose-between-buying-a-sewing-machine-and-a-radio-he-buys-the-radio-the-opportunity-cost-of-the-radio-may-be-said-to-be","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/a-person-is-obliged-to-choose-between-buying-a-sewing-machine-and-a-radio-he-buys-the-radio-the-opportunity-cost-of-the-radio-may-be-said-to-be\/","title":{"rendered":"A person is obliged to choose between buying a sewing-machine and a radio. He buys the radio. The opportunity cost of the radio may be said to be"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9703bc5241e\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    the satisfaction obtained from its purchase                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"true\">\r\n                    the sewing-machine he had to do without                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    the scarcity value of the radio in money terms                <\/div>\r\n                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: B. the sewing-machine he had to do without.<\/p>\n<p>Opportunity cost is the cost of something in terms of the next best alternative that is forgone. In this case, the person had to choose between buying a sewing-machine and a radio. He chose to buy the radio, so the opportunity cost of the radio is the sewing-machine he had to do without.<\/p>\n<p>A is incorrect because the satisfaction obtained from the purchase of the radio is not the same as the opportunity cost. The opportunity cost is what the person had to give up in order to get the radio, not how much satisfaction they got from it.<\/p>\n<p>C is incorrect because the scarcity value of the radio in money terms is not the same as the opportunity cost. The opportunity cost is what the person had to give up in order to get the radio, not how much money it is worth.<\/p>\n<p>D is incorrect because the average cost of both commodities is not the same as the opportunity cost. The opportunity cost is what the person had to give up in order to get the radio, not the average cost of both commodities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A person is obliged to choose between buying a sewing-machine and a radio. He buys the radio. 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