Choices are made based on
A)scarcity.
B)opportunity costs.
C)producers.
D)consumers.
E)supply.

Name: Choices are made based on A)scarcity. B)opportunity costs. C)producers. D)consumers. E)supply.
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Question

Quizplus · Accepted Answer

Choices are made based on opportunity costs, which refers to the cost of the next best alternative forgone, when making a decision. This means that individuals and firms must weigh the benefits and costs of each option available and choose the one that provides the greatest net benefit.

Choices Are Made Based on