Asked by
Shalini Gunaretnam
on Oct 27, 2024
Verified
For an economist,the cost of something is:
A) the amount of money you paid for it.
B) what you gave up to get it.
C) always equal to its market value.
D) the quantity of resources used to produce it.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choosing one option over another.
Market Value
The current price at which an asset or service can be bought or sold in an open market.
- Fathom the importance and consequences of opportunity cost in the process of making economic selections.
Verified Answer
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Learning Objectives
- Fathom the importance and consequences of opportunity cost in the process of making economic selections.