Opportunity cost is a. the idea that because of scarcity, producing more of one good or service means producing less of another good or service. b. when unlimited wants exceed the limited resources available to fulfill those wants. c. the highest valued alternative that must be give up to engage in an activity. d. when consumers and firms use all available information as they act to achieve their goals.

the highest valued alternative that must be give up to engage in an activity

Explanation:

If Mara leaves her job that pays her $50,000 per annum to start her company where she makes $200,000 per annum, her opportunity cost is $50,000. It is the next best alternative she forgoed in order to start her company.

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agriculture and oil. natural resources, industry.

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.