In economics,cost is measured as ________,and benefit is measured as ________.
A) what you must give up to get something; what you are willing to give up to get it
B) what you are willing to give up to get it; what you must give up to get something
C) the amount of money that you pay for something; the amount of money that someone else is willing to pay you
D) what you are willing to pay on the margin; what the government pays you when you are unemployed or retired
E) the amount of money that you pay on the margin; the amount of money that you receive on the margin

Question

Quizplus · Accepted Answer

Cost in economics is defined as what you must give up to obtain something, which includes not just monetary expenses but also time, effort, and the opportunity cost of foregone alternatives. Benefit, on the other hand, is what you gain from making a choice, which can include not just direct gains but also subjective satisfaction and utility.

In Economics,cost Is Measured as ________,And Benefit Is Measured as ________

In Economics,cost Is Measured as ,And Benefit Is Measured as