Opportunity cost may be defined as the:

a. Dollar cost of the next best alternative resources for producing a good

b. Dollar costs of producing a particular product

c. The value of goods or services that are forgone in order to obtain something else

d. Dollar price paid for a final good or service

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Sonia DhawanLv10

17 Jan 2021

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Related questions

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.

orchidtoad448

Resources are allocated among industries in response to signals sent by both product and resources ...................... . These also indicate which resources would be combined in what way, in the production of a good or service, in order to ..................... production costs, thereby using society's scarce resources most ...................... . A person can increase his income by producing .................... output or by specializing in the production of something for which society is willing to pay a higher price (relative to cost). The ........................ of goods, services and resources are not determined by some government agency, but by countless decisions of individuals about which goods and services to produce and buy.

The law of increasing opportunity costs states that:

A. if the sum of the costs of producing a particular good rises by a specified percent, the price of that good must rise by a greater relative amount.

B. if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of other goods to do so.

C. the sum of the costs of producing a particular good can't rise above the current market price of that good.

D. if the prices of all the resources used to produce goods increase, the cost of producing any particular good will increase at the same rate.