______________ states that the true cost of a commodity is the amount of a second commodity that must be given up to release just enough resources to produce one more unit of the first commodity:
A)Mercantilism
B)The law of comparative advantage
C)The labor theory of value
D)The opportunity cost theory

Question

Quizplus · Accepted Answer

The opportunity cost theory states that the true cost of a commodity is the amount of a second commodity that must be given up to release just enough resources to produce one more unit of the first commodity. This concept is based on the idea of opportunity cost, which is the cost of any activity measured in terms of the best alternative forgone.

______________ States That the True Cost of a Commodity Is