Given that resources are scarce,
A)A "free lunch" is possible,but only for a limited number of people.
B)Opportunity costs are experienced whenever choices are made.
C)Poor countries must make choices,but rich countries with abundant resources do not have to make choices.
D)Some choices involve opportunity costs while other choices do not.

Question

Quizplus · Accepted Answer

The concept of opportunity cost arises precisely because resources are scarce and choices must be made. Whenever a choice is made, the next best alternative is foregone and this is the opportunity cost of the chosen option. Therefore, option B is the most appropriate choice.

Given That Resources Are Scarce