The need to make choices is most closely related to the economic concept of
A) opportunity cost.
B) efficiency.
C) inefficiency.
D) utility.
E) disutility.

Question

Quizplus · Accepted Answer

The economic concept of opportunity cost refers to the idea that making a choice means giving up the next best alternative. This is closely related to the need to make choices because anytime we decide to do one thing, we are implicitly deciding not to do something else. Therefore, opportunity cost is a fundamental economic concept that helps us understand the implications of our choices.

The Need to Make Choices Is Most Closely Related to the Economic