Opportunity cost is
A) the cost of producing all goods and services in the United States.
B) the value of the next-best alternative that must be sacrificed to satisfy a want.
C) the fixed cost of production.
D) the value of the most useful alternative that must be sacrificed to obtain something or satisfy a want.
Answer: B
You might also like to view...
An increase in unearned income always creates a disincentive to work
Indicate whether the statement is true or false
Considering the data in the table shown above and 2010 as the base year, what is the inflation rate between years 2010 and 2015?
A) 0.0 percent B) 41.7 percent C) 17.1 percent D) 3.4 percent
Compensation of employees is the largest component of GDP using the income approach
a. True b. False Indicate whether the statement is true or false
If a firm has a perfectly elastic demand curve, then:
a. it must be a monopoly firm. b. it can charge any price it desires. c. the firm has significant market power. d. the firm has no market power. e. the firm should shut down.