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Kelsi Jones
on Dec 12, 2024

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The expression, "There's no such thing as a free lunch," implies that

A) everyone has to pay for his own lunch.
B) the person consuming a good must always pay for it.
C) opportunity costs are incurred when resources are used to produce goods and services.
D) no one has time for a good lunch anymore.

Opportunity Costs

The loss of potential gain from other alternatives when one alternative is chosen, representing the cost of forgone options.

Goods And Services

The physical items (goods) and activities (services) that satisfy human wants or needs and are available for purchase.

Resources

Materials, money, staff, and other assets that can be drawn on by a person or organization in order to function effectively.

  • Understand the concept of opportunity cost and its implications in resource allocation and decision-making.
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shamma AlAmiriDec 12, 2024
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