Author Question: Which of the following statements concerning opportunity costs is false? a. Opportunity costs are ... (Read 88 times)

acc299 · **on:** Jun 30, 2018

Which of the following statements concerning opportunity costs is false?
a. Opportunity costs are only expressed in money terms.
b. Every choice involves opportunity costs.
c. Opportunity costs are the highest-valued alternatives that must be forgone when a choice is made.
d. The concept of opportunity cost is used to demonstrate scarcity.
e. Economists refer to the forgone benefits of the next-best alternative as opportunity costs.

Question 2

Gallons of milk at a local grocery store are priced at one for 4.00, or two for 6.00 . The marginal cost of buying a second gallon of milk:
a. equals 6.00.
b. equals 4.00.
c. equals 3.00.
d. equals 2.00.