Rosie is an entrepreneur who is considering starting her own business. She currently works as a beautician with an annual salary of $30,000. She has also been offered a job as a real estate agent with an annual salary of $50,000 but prefers her current job.
Select the item from the list provided to make the following statements true.
Opportunity cost __________ referred to as the value of the best alternative not chosen.
The opportunity cost of starting her own business is __________.
The $20,000 difference between the real-estate salary and the beautician salary is a measure of at least _________ Rosie must receive in the beautician job.
1. her current job
2. the net benefit from the beautician job
3. $50,000
4. the non-monetary benefit
5. $10,000
6. is not
7. is
8. the marginal analysis from the beautician job and the real estate job
9. average cost
10. unable to be determined
11. starting her own firm
12. marginal cost