Opportunity cost is best defined as Select one: a. the amount given up when choosing one activity over the next best alternative. b. the amount given up when choosing one activity over all other alternatives. c. the amount that is given up when choosing an activity that is not as good as the next best alternative d. the opportunity to earn a profit that is greater than the one currently being made.
Opportunity cost is best defined as Select one: a. the amount given up when choosing one activity over the next best alternative. b. the amount given up when choosing one activity over all other alternatives. c. the amount that is given up when choosing an activity that is not as good as the next best alternative d. the opportunity to earn a profit that is greater than the one currently being made.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Select one:
a. the amount given up when choosing one activity over the next best alternative.
b. the amount given up when choosing one activity over all other alternatives.
c. the amount that is given up when choosing an activity that is not as good as the next best alternative
d. the opportunity to earn a profit that is greater than the one currently being made.
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