The concept of opportunity cost is based on the principle of
A) need.
B) consumption.
C) scarcity.
D) profit.

Name: The concept of opportunity cost is based on the principle of A) need. B) consumption. C) scarcity. D) profit.
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Question

Quizplus · Accepted Answer

Opportunity cost is based on the principle of scarcity. It represents the cost of forgoing the next best alternative when making a decision, highlighting the trade-offs due to limited resources.

The Concept of Opportunity Cost Is Based on the Principle