Opportunity cost is best defined as the:
A) sum of all alternatives given up when a choice is made.
B) money spent once a choice is made.
C) highest-valued alternative given up when a choice is made.
D) cost of a good minus the satisfaction obtained from consuming it.
E) cost of capital resources used in the production of additional capital.
Correct Answer:
Verified
Q26: Which economic concept is the closest to
Q27: Choices need to be made because of
Q28: Which of the following statements is true?
A)Goods
Q29: Which of the following sayings best represents
Q30: The concept of scarcity as used by
Q32: To say that something is scarce means
Q33: The basic economic problem is:
A)inflation.
B)unemployment.
C)poverty.
D)scarcity.
E)lack of money.
Q34: To say that there is a scarcity
Q35: Which of the following statements is false?
A)Economists
Q36: Economics is the study of:
A)the allocation of
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