Each seller's opportunity costs are:

Question

Quizplus · Accepted Answer

Opportunity costs are not only based on monetary considerations but also on other factors like time, effort, and other resources invested in producing a good or service. Therefore, option C is the correct answer as it acknowledges that opportunity costs are affected by both monetary and non-monetary factors. Option A is incorrect because opportunity costs may not necessarily be calculated monetarily. Option B is incorrect because it implies that opportunity costs are based on factors that are entirely non-monetary, which is not accurate. Option D is incorrect because the opportunity costs are usually higher than the monetary costs of manufacturing the good or service.

Each Seller's Opportunity Costs Are