The cost of a purchase or decision measured by what is given up to make the purchase or carry out the decision is its:
A) sunk cost.
B) hidden cost.
C) overhead cost.
D) opportunity cost.
Correct Answer:
Verified
Q12: Because of scarcity:
A) individuals and societies are
Q13: Economics is concerned with tradeoffs caused by
Q14: The relative importance a person assigns to
Q15: The choices that are made because of
Q16: The opportunity cost of a purchase or
Q18: The opportunity cost of going to school
Q19: An opportunity cost:
A) exists only for decisions
Q20: The opportunity cost to a student of
Q21: If there were no scarcity:
A) there would
Q22: Application 1.1, "To Work or Not to
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