A professional basketball players' union negotiates a contract that dramati

Sail E0 Webinar

Question

A professional basketball players' union negotiates a contract that dramatically increases all players' salaries. How would this influence the opportunity cost for a player who was considering giving up basketball to pursue a career in broadcasting?

Options:

A . it would not affect the opportunity cost of playing basketball or of broadcasting

B . it would increase the opportunity cost of continuing to play professional basketball

C . it would cause the production possibilities frontier to become convex

D . it would increase the opportunity cost of becoming a broadcaster

Answer: Option D
:
D
Opportunity cost is the value of a factor in its next best use. With an increase in salary for playing basketball, if a player is considering giving up basketball to pursue a career in broadcasting, his opportunity cost of becoming a broadcaster will increase.

Was this answer helpful ?

Next Question

Submit Solution

More Questions on This Topic :

Question 1. A shift in the budget line, when prices are constant, is due to....

Question 2. Suppose a consumer has INR 100 to spend on two goods, shoes and shirts. If the price of a pair of shoes is INR 20 per pa....which of the following combinations is unaffordable to the consumer?

Question 3. The economizing problem involves the allocation of resources among competing wants. There is an economizing problem beca....competing wants. There is an economizing problem because there are:

Question 4. Suppose your friend is indifferent to the bundles (4,6) and (6,6). Are the preferences of your friend monotonic?....

Question 5. The limits imposed on household choices by income, wealth, and product prices are captured by the ....

Question 6. Diagrammatic presentation of consumer's indifference set is called....

Question 7. Marginal Utility curve always....

Question 8. Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a macroeconomic issue?....a newspaper. Which would most clearly represent a macroeconomic issue?

Question 9. Which of the following would be strictly a microeconomic topic?....

Question 10. The opportunity cost of watching television is:....

Chapter 1 - GLOBAL STEEL SCENARIO & INDIAN STEEL INDUSTRY Part 1 : (13-04-2024) INDUSTRY AND COMPANY AWARENESS (ICA)

Direction Sense Test Part 1 Reasoning (Hindi)

Chapter 1 - RMHP / OHP / OB & BP Part 1 : (14-02-2024) GPOE

Cube & Cuboid Part 1 Reasoning (Hindi)

Data Interpretation (DI) Basic Concept Reasoning (Hindi)

Counting Figures Part 1 Counting Of Straight Lines Reasoning (Hindi)

Sail E0 free webinar Webinars

Real Numbers Part 7 Class 10 Maths

Real Numbers Part 1 Class 10 Maths

Polynomials Part 1 Class 10 Maths

Pie Chart - Test Paper 1 Data Interpretation Reasoning & DI

Tabulation - Test Paper 2 Data Interpretation Reasoning & DI

Test Paper 1 Direction Sense Test Reasoning & DI

ICA , RDIC,GFM Free Modal Test Paper - Non - Technical Branch Old Syllabus 2022 - SAIL Junior Officer E0

GFM Combined 1 Free Revision Test SAIL JO E-0