Opportunity cost is:
A) a cost that cannot be avoided, regardless of what is done in the future
B) that which we forgo, or give up, when we make a choice or a decision
C) the additional cost of producing an additional unit of output
D) the additional cost of buying an additional unit of a product
Correct Answer:
Verified
Q50: Which of the following is NOT an
Q51: The process by which resources are transformed
Q52: Opportunity cost is defined as:
A) the value
Q53: Suppose you weigh the costs and benefits
Q54: In factor markets:
A) factors of production flow
Q56: The economic problem of scarcity exists because:
A)
Q57: The bowed out shape of the production
Q58: The 'for whom' question is concerned with:
A)
Q59: Growth in potential output would occur when:
A)
Q60: The opportunity cost of going on a
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