Another way of talking about opportunity costs might be as________________?
Correct answer: C. value of sacrificed resources
- A. economic consequences
- B. social consequences
- C. value of sacrificed resources
- D. parallel world
Explanation
Opportunity cost is the value of the next-best alternative that must be sacrificed when a choice is made. It is therefore more precise than the broad phrase “economic consequences.”
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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