The economic concept of "opportunity cost" is most closely associated with which of the following management considerations?
A)market structure
B)resource scarcity
C)product demand
D)technology

Question

Quizplus · Accepted Answer

Opportunity cost refers to the cost of the alternative forgone when making a decision. It is most closely associated with resource scarcity, as resources are limited and choosing to use them in one way means sacrificing their use in another way.

The Economic Concept of "Opportunity Cost" Is Most Closely Associated