The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that
A) expansion of output in one industry means expansion cannot occur in another industry.
B) expansion of output in one industry means output in another industry must contract.
C) output cannot be increased in any industry.
D) output of all industries must contract until more resources are found.
Correct Answer:
Verified
Q120: Economics only applies to
A)decision making by households.
B)decision
Q121: What is the basic task that economists
Q122: Every economic decision involves a trade-off because
Q123: Hutch Technology makes computer monitors, which sell
Q124: Optimal decisions take into account
A)the resources available.
B)the
Q126: Scarcity is a concept that applies to
Q127: Opportunity cost can best be defined as
Q128: How does scarcity affect the range of
Q129: An optimal decision is one that chooses
A)the
Q130: One role that markets play is
A)to allocate
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents