The concept of opportunity cost would become irrelevant if:
A) The market mechanism functioned to allocate resources.
B) The government allocated resources.
C) The production possibilities curve bowed outward.
D) Resources were no longer scarce.

Question

Quizplus · Accepted Answer

Opportunity cost arises because resources are scarce and must be allocated among alternative uses. If resources were not scarce, there would be no need to make trade-offs and opportunity cost would be irrelevant.

The Concept of Opportunity Cost Would Become Irrelevant If