Which of the following is an illustration of the concept of opportunity cost?

Question

Quizplus · Accepted Answer

Opportunity cost refers to the cost of choosing one option over another. In this case, the production of one good is being sacrificed in order to increase the production of another, illustrating the concept of opportunity cost. Option B refers to an increase in production, which is not directly related to opportunity cost. Option C refers to a decrease in production, which also does not directly relate to opportunity cost. Option D simply refers to a movement on the curve, but does not provide any information on opportunity cost.

Which of the Following Is an Illustration of the Concept