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)the division of labor.
B)ceteris paribus.
C)opportunity cost.
D)specialization.

Question

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)​the division of labor.
B)​ceteris paribus.
C)​opportunity cost.
D)​specialization.

Quizplus · Accepted Answer

Opportunity cost is the cost of giving up the next best alternative when a decision is made. In this scenario, the cost of acquiring more of a good is giving up the production of another good, which represents the opportunity cost. Choices A, B, and D are related concepts but do not directly apply to this situation.

In Order to Acquire More of a Good We Must