Suppose that RMC receives a $1 million dollar gift from an alumnus. The college could expand the library, upgrade the wireless network in the dorms, or expand the parking near the athletic facilities. This example illustrates A. distorted priorities B. opportunity cost C. scarcity D. productie efficiency

Question

29-10-2023
Business

High School

Thank you for visiting Suppose that RMC receives a 1 million dollar gift from an alumnus The college could expand the library upgrade the wireless network in the dorms. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!

Suppose that RMC receives a $1 million dollar gift from an alumnus. The college could expand the library, upgrade the wireless network in the dorms, or expand the parking near the athletic facilities. This example illustrates A. distorted priorities B. opportunity cost C. scarcity D. productie efficiency

Answer :

Other Questions

Using the range rule of thumb, what values are considered low and

Which words best set a suspenseful scene and create an anxious mood?

While on vacation in Canada, you notice that temperatures are reported in

The heat capacity at constant pressure of an ideal gas is defined

68.7% of the population has brown eyes. A convention has 6000 people

The face of a clock has a circumference of 62.8 inches. What

Hendrick consumes coffee and tea. The local store has a special pricing

The volume of a cone is 62.8 cubic inches. The height of

Calculate the number of moles of each of the ions in the

Completely factor [tex]f(x) = 256x^4 - 625[/tex].

Which statement about the legality of marijuana is most accurate? A. Although

Describe four types of packaging that prevent tampering with medicine.

Degrees Fahrenheit for the surface, and degrees Celsius for the upper air.

Can you shoot regular shot through a rifled slug barrel?

What is a cross-connection? A. A pressure gauge on a high-temperature warewashing

JoseOlivia JoseOlivia · Answer 1 · 2024-09-19T00:34:35-04:00

Final answer:

The scenario provided shows the concept of opportunity cost. This is an economic principle that involves forgoing the benefits of an alternate decision when making a choice. So, when the college chooses one option for the use of the $1 million gift, other alternatives are given up, demonstrating opportunity cost.

Explanation:

The scenario represents the concept of opportunity cost. In economics, opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen. In this case, if RMC (the college) decides to upgrade the wireless network in the dorms with the $1 million dollar gift, they would have to give up the gain of expanding the library or expanding the parking near the athletic facilities. The opportunity cost of upgrading the wireless network is therefore the benefits that could have been derived from the other options that were not chosen.

In conclusion, the concept of opportunity cost is at play when multiple, mutually exclusive options are available and a choice needs to be made from them, understanding that choosing one will mean forgoing the benefits of the others.

Learn more about Opportunity Cost here:

https://brainly.com/question/32971162

#SPJ11