Opportunity cost can best be defined as the
a. money cost of a good or service.
b. money cost plus interest on money borrowed to buy a good or service.
c. cost of the resources used to produce a good or service.
d. value of the best alternative forgone when the alternative at hand is chosen.
d
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Define moral hazard and adverse selection in the context of health insurance markets. Make sure to discuss why they are problems for health insurance markets
What will be an ideal response?
If the government allowed a free market in organs for transplant there would be
a. a decrease in the shortage of organs for transplant. b. a decrease in producer surplus. c. an decrease in consumer surplus d. an increase in the waiting period for transplant organs.
A good that is nonrival in consumption and excludable is a ______ good.
a. private b. public c. common d. club
GDP per capita is a relatively good measurement of:
A. the distribution of income. B. purchasing power. C. household production. D. the standard of living.