Because resources are scarce,the true cost of anything is its opportunity cost.

Name: Because resources are scarce,the true cost of anything is its opportunity cost.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Opportunity cost is the value of the next best alternative forgone when a choice is made. Since resources are scarce, choosing to use them for one thing means giving up the opportunity to use them for something else, and that is the true cost of the choice.

Because Resources Are Scarce,the True Cost of Anything Is Its