The term opportunity cost refers to the
A) Value of all the alternatives given up when a good or service is produced.
B) Financial costs of all the factors of production used to produce a good or service.
C) Amount of resources used to produce a good but not a service.
D) Value of the best alternative given up when a good or service is produced.
Correct Answer:
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Q3: Which of the following is purchased in
Q5: Which of the following is purchased in
Q7: Which of the following is a market
Q7: A buyer is said to have a
Q8: According to the law of demand,a demand
Q12: Individual consumers supply _ and purchase _.
A)factors
Q13: People benefit by participating in the market
Q15: The most desired goods or services that
Q16: Who participates in markets?
A)Business firms.
B)Business firms and
Q18: According to the law of demand,during a
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