The notion of opportunity cost:
A)applies to consumers, but not to businesses
B)applies to businesses, but not to consumers
C)is relevant to economies of all ideological persuasions
D)would disappear if we were able to eliminate poverty
E)does not apply to governments

Question

Quizplus · Accepted Answer

The notion of opportunity cost applies to economies of all ideological persuasions, as it is a fundamental concept in economics. Opportunity cost is the cost of the next best alternative foregone in making a decision, and it influences businesses, consumers, and governments in their decision-making processes. It is not specific to any particular economic system or ideology.

The Notion of Opportunity Cost