Which of the following costs are part of a firm's opportunity costs? I. costs for resources bought in markets
II) costs for resources the firm owns
III) costs for resources supplied by the owner
A) I and II
B) I and III
C) I only
D) I, II, and III

Question

Quizplus · Accepted Answer

Opportunity costs include all costs associated with the use of resources, whether they are purchased, owned, or supplied by the owner, as they represent the value of the next best alternative foregone.

Which of the Following Costs Are Part of a Firm's