The idea of opportunity cost suggests that the cost of a particular choice should be measured by the
A) price of the good chosen
B) price of the good divided by income
C) value of the best alternative sacrificed
D) amount of the good consumed
E) sum of the costs of all foregone opportunities
Correct Answer:
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Q162: All production involves an opportunity cost because
A)
Q163: Society as a whole faces opportunity costs
Q164: Kate takes a part-time job and the
Q165: For society as a whole,producing more of
Q166: When measuring the opportunity cost of taking
Q167: Opportunity costs arise in production because
A) resources
Q169: In one year,a weapons plant can manufacture
Q170: In one year,a weapons plant can manufacture
Q171: A consultant who earns $100 per hour
Q172: Because resources are scarce,if society produces more
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