In economics, choices are made based on
A)benefits but not costs.
B)opportunity costs.
C)producers.
D)emotion.
E)what is not available to the person making the choice.

Question

Quizplus · Accepted Answer

Choices are made based on opportunity costs, which means the cost of choosing one option is the foregone benefit from not choosing the next best alternative. Therefore, individuals weigh the benefits and costs of each option before making a choice, and choose the option that provides the most net benefit, i.e., the most benefit minus the opportunity cost.

In Economics, Choices Are Made Based on