In order to acquire more of a good we must sacrifice production of another good (because resources are in limited supply). What concept is this an illustration of?
A) ceteris paribus
B) specialization
C) opportunity cost
D) exchange

Question

Quizplus · Accepted Answer

This is an illustration of opportunity cost, which is the concept that in order to acquire more of one good, we must sacrifice the production of another good due to limited resources.

In Order to Acquire More of a Good We Must