Claiming a gift or free ticket carries zero opportunity cost.
Economics – F40102 Basic concepts – Short Questions (2009-2015) – Marking Scheme. 1. 2009.Q1. (a) Opportunity cost is the highest- Opportunity Cost Exam Questions | PDF - Scribd hkcee 2010 econ paper 2 q2
[Provide a sample answer, broken down into clear sections or paragraphs] Claiming a gift or free ticket carries zero opportunity cost
The question usually presents a market equilibrium and then introduces a government policy (e.g., a price ceiling below equilibrium or a production quota). It asks candidates to determine the change in and Consumer Surplus . Note what is directly paid out in cash
Note what is directly paid out in cash () versus what is given up in potential utility or revenue ( non-monetary cost ). 3. Determine the Second Best Option
HKCEE 2010 Economics Paper 2, Question 2, centers on the concept of opportunity cost, identifying it as the value of the highest-valued alternative forgone. The correct option reflects that the opportunity cost remains unchanged if the value of that next-best alternative does not change. For a deeper dive into these concepts, visit Scribd . Opportunity Cost - HKDSE Economics Short Questions Guide