Opportunity cost exists because
A) resources in this world are scarce.
B) prices must adjust to eliminate shortages.
C) production could not occur without the opportunity cost of using resources.
D) the value of economic goods is positive while the value of goods is zero.

Question

Quizplus · Accepted Answer

Opportunity cost exists because resources are limited, meaning when we choose to use resources for one purpose, we forgo the opportunity to use them for another. This concept highlights the trade-offs inherent in decision-making due to scarcity.

Opportunity Cost Exists Because