In order to acquire more of a good we must sacrifice production of another good (because resources are in limited supply) .This illustrates the concept of:
A) exchange.
B) ceteris paribus.
C) opportunity cost.
D) specialization.
E) the division of labor.
Correct Answer:
Verified
Q2: Marginal cost is the additional cost incurred
Q7: The opportunity cost of a decision is
Q12: Whom of the following would economists consider
Q14: Which of the following statements is true?
A)The
Q16: The opportunity cost of an action is
Q18: The opportunity cost of an action is
Q64: Trent decides to spend an hour playing
Q90: A university offers a free shuttle service
Q100: Airlines that restrict the use of frequent
Q244: Implementing a stricter smog control program after
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents