With a budget of $500 000, a school board can choose to purchase 20 000 textbooks or 2000 laptop computers (or some intermediate combination) for use in classrooms. Textbooks 20 000 15 000 + 10 000+ 5000+ FIGURE 1-2 B C E 1000 Laptop computers 2000 Refer to Figure 1-2. Suppose the school board chooses to allocate all $500 000 to the purchase of laptop computers. What is the opportunity cost of this entire purchase? Select one: O A. The opportunity cost is 2000 laptops. OB. The opportunity cost is uncertain. OC. The opportunity cost is 20,000 textbooks. OD. The opportunity cost is $0. O E. There is no opportunity cost because the purchase was made within the available budget.
With a budget of $500 000, a school board can choose to purchase 20 000 textbooks or 2000 laptop computers (or some intermediate combination) for use in classrooms. Textbooks 20 000 15 000 + 10 000+ 5000+ FIGURE 1-2 B C E 1000 Laptop computers 2000 Refer to Figure 1-2. Suppose the school board chooses to allocate all $500 000 to the purchase of laptop computers. What is the opportunity cost of this entire purchase? Select one: O A. The opportunity cost is 2000 laptops. OB. The opportunity cost is uncertain. OC. The opportunity cost is 20,000 textbooks. OD. The opportunity cost is $0. O E. There is no opportunity cost because the purchase was made within the available budget.
Chapter2: Scarcity And Opportunity Costs
Section: Chapter Questions
Problem 14E
Related questions
Question
![With a budget of $500 000, a school board can choose to purchase 20 000 textbooks or 2000
laptop computers (or some intermediate combination) for use in classrooms.
Textbooks
20 000
15 000
10 000+
5000
FIGURE 1-2
B
C
D
E
1000
Laptop computers
2000
Refer to Figure 1-2. Suppose the school board chooses to allocate all $500 000 to the
purchase of laptop computers. What is the opportunity cost of this entire prchase?
Select one:
O A. The opportunity cost is 2000 laptops.
O B. The opportunity cost is uncertain.
O C. The opportunity cost is 20,000 textbooks.
O D. The opportunity cost is $0.
O E. There is no opportunity cost because the purchase was made within the available
budget.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1fa486a1-11fa-4744-8b45-3f1509e53511%2F4c1dba70-bd7b-4475-9bdf-4d995d12ea6b%2Fsze4ias_processed.jpeg&w=3840&q=75)
Transcribed Image Text:With a budget of $500 000, a school board can choose to purchase 20 000 textbooks or 2000
laptop computers (or some intermediate combination) for use in classrooms.
Textbooks
20 000
15 000
10 000+
5000
FIGURE 1-2
B
C
D
E
1000
Laptop computers
2000
Refer to Figure 1-2. Suppose the school board chooses to allocate all $500 000 to the
purchase of laptop computers. What is the opportunity cost of this entire prchase?
Select one:
O A. The opportunity cost is 2000 laptops.
O B. The opportunity cost is uncertain.
O C. The opportunity cost is 20,000 textbooks.
O D. The opportunity cost is $0.
O E. There is no opportunity cost because the purchase was made within the available
budget.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Economics:](https://www.bartleby.com/isbn_cover_images/9781285859460/9781285859460_smallCoverImage.gif)
![Microeconomics: Private and Public Choice (MindTa…](https://www.bartleby.com/isbn_cover_images/9781305506893/9781305506893_smallCoverImage.gif)
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
![Economics: Private and Public Choice (MindTap Cou…](https://www.bartleby.com/isbn_cover_images/9781305506725/9781305506725_smallCoverImage.gif)
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
![Economics:](https://www.bartleby.com/isbn_cover_images/9781285859460/9781285859460_smallCoverImage.gif)
![Microeconomics: Private and Public Choice (MindTa…](https://www.bartleby.com/isbn_cover_images/9781305506893/9781305506893_smallCoverImage.gif)
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
![Economics: Private and Public Choice (MindTap Cou…](https://www.bartleby.com/isbn_cover_images/9781305506725/9781305506725_smallCoverImage.gif)
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
![Macroeconomics: Private and Public Choice (MindTa…](https://www.bartleby.com/isbn_cover_images/9781305506756/9781305506756_smallCoverImage.gif)
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning