Which of the following statements is NOT true?
A)Resource scarcity is a major economic concern in the rich countries of the world.
B)Most opportunity costs are zero.
C)An economic situation is in equilibrium when no individual would be better off taking a different action.
D)Some very talented, skilled individuals who can do some things better than most people should specialize in doing that one thing.

Question

Quizplus · Accepted Answer

Most opportunity costs are not zero. Opportunity cost is the value of the next best alternative foregone in order to pursue a certain action or decision. In most cases, there are several alternatives and each has a different opportunity cost. Therefore, opportunity costs are not usually zero.

Which of the Following Statements Is NOT True