While studying health care economics, the nursing professor explains to a class that the economic principle of opportunity costs means that
a. economic decisions are based on the best opportunity that arises.
b. free market failure occurs when efficient use of resources is lacking.
c. satisfying one desire eliminates the possibility of satisfying another.
d. we make our decisions based on opportunities to benefit others.
C
Because resources spent on one set of desires cannot be used to satisfy other desires, decisions are made based on the value of what was not chosen. This is the principle of opportunity costs; in other words, what has acting on this one opportunity cost you?
Although we do make many decisions based on the best choices or opportunities that arise for us, this is not a complete or accurate description of the concept.
A lack of efficient use of resources contributes to market failure, not opportunity costs.
Making decisions to benefit others is not as common as making decisions based on self-interest.
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The nurse is selecting an injection site for a child. The nurse knows that muscle sites in children are determined primarily by muscle development and which of the following other criteria?
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