Because resources are scarce,if society produces more of one commodity,it has to sacrifice some amount of another commodity.The amount sacrificed is
A) a normative problem
B) the out-of-pocket cost
C) the opportunity cost
D) the lost profit
E) the total factor productivity

Question

Quizplus · Accepted Answer

This is the definition of opportunity cost - the value of the next best alternative forgone in order to pursue a certain action or decision. It is important to consider opportunity cost when making any decision involving scarce resources.

Because Resources Are Scarce,if Society Produces More of One Commodity,it