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Opportunity cost :

a. represents the best alternative sacrificed for a chosen alternative.

b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity.

c. represents the worst alternative sacrificed for a chosen alternative.

d. represents all alternatives not chosen.

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Insha Fatima
Insha FatimaLv10
24 Oct 2020
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Related questions

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In a world characterized by scarcity A) opportunity cost is zero. B) all goods are free. C) we are not limited by time. D) people must make choices among alternatives. E) individuals need not work to obtain goods.

In economics the term utility refers to
Ā 
A. The subjective benefit or satisfaction a person expects to receive from a choice or course of action.
B. The number of possible uses for a resource.
C. The fact that human desire for goods is unlimited while the resources available to meet those desires are limited.
D. The highest valued alternative that must be sacrificed when a choice is made.Ā 

Opportunity cost is best defined as

A) the cost of producing the purchased goods.

B) the sum of the dollar values of all alternatives given up when choices are made.

C) the next highest valued alternative when a choice is made.

D) the dollar price of the purchased item.

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