If you choose between two summer jobs, what is the one you do not choose called?
A. trade-off
B. opportunity cost
C. decision at the margin
D. opportunity at the margin
A?
Yes, your answer would be trade-off. According to Google, trade-off means:
'a balance achieved between two desirable but incompatible features; a compromise.'
It should be B. opportunity cost
Yes, you are correct! The one you do not choose is called the opportunity cost (option B). The opportunity cost refers to the value of the next best alternative that you give up when making a decision. In this case, the other summer job that you did not choose is the opportunity cost.
Yes, that's correct! The one you do not choose is called the "opportunity cost".
To arrive at this answer, we must understand the definitions of the other options as well.
A trade-off refers to the decision to give up one thing in order to gain something else. In this particular scenario, you are making a trade-off by deciding between two summer jobs.
A decision at the margin means weighing the additional benefits and costs of doing a little more or a little less of an activity. It refers to making marginal changes in your decision-making process. While the decision to choose between two summer jobs involves some level of decision at the margin, it doesn't fully capture the concept.
Similarly, an opportunity at the margin refers to the additional opportunity you gain or lose by doing a little more or a little less of a certain activity. Again, while this concept is related, it doesn't specifically address the situation of choosing between two summer jobs.
Therefore, the correct answer is B. opportunity cost, as it accurately describes the alternative option that you give up when making a decision between two summer jobs.