Author Question: Opportunity cost: a. represents the best alternative sacrificed for a chosen alternative. b. has ... (Read 78 times)

ashley · **on:** Jun 30, 2018

Opportunity cost:
a. represents the best alternative sacrificed for a chosen alternative.
b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity.
c. represents the worst alternative sacrificed for a chosen alternative.
d. Represents all possible alternatives sacrificed for a chosen alternative.

Question 2

Which fundamental economic question requires society to choose the technological and resource mix used to produce goods?
a. The What to Produce question. b. The Why to Produce question.
c. The How to Produce question. d. The For Whom to Produce question.