Which of the following statements is correct about the economic way of thinking?
A) If the buyer of a good gains, the seller must lose an equal amount.
B) The value of goods is objective; it is equal to the cost of supplying the good.
C) Opportunity costs will always be incurred when scarce resources are used to produce a good.
D) Changes in incentives generally have no effect on human behavior.

Question

Quizplus · Accepted Answer

Opportunity costs are a fundamental concept in economics, representing the value of the next best alternative foregone when a choice is made. Scarce resources used to produce a good always involve opportunity costs.

Which of the Following Statements Is Correct About the Economic