Asked by
Sofia Araujo
on Nov 11, 2024
Verified
The term opportunity cost suggests that:
A) in any exchange situation where one person gains,someone else must lose.
B) not all individuals make the most of life's opportunities.
C) executives do not always recognize opportunities for profit as quickly as they should.
D) the only factor that is important in decision making is cost.
E) because goods are scarce,in order to get some good you must give up some other good in return.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing the benefits an individual, investor, or business misses out on.
Scarce Goods
Products or resources that are limited in availability and cannot meet all the demands of consumers.
- Learn about the theory of opportunity cost and how its value is estimated.
Verified Answer
LN
Learning Objectives
- Learn about the theory of opportunity cost and how its value is estimated.