An opportunity cost is A) usually absent in a command economy. B) when goods are recycled into other goods. C) the next-best alternative you give up in order to do something else. D) is only an issue when there is not a scarcity of goods and resources.

Question

Social Studies

Conor Thompson

24 January, 01:48

An opportunity cost is A) usually absent in a command economy. B) when goods are recycled into other goods. C) the next-best alternative you give up in order to do something else. D) is only an issue when there is not a scarcity of goods and resources.

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Answers (1)

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Kellen Cunningham · Answer 1

An opportunity cost is the next-best alternative you give up in order to do something else.

Explanation:

The fundamental explanation of opportunity cost is the cost of the subsequent best thing one could have done had you not created once the initial selection. opportunity costs can be further divided into explicit and implicit. Implicit opportunity costs often matter resources other than money. Opportunity costs are fundamental costs in economics and are used in computing cost-benefit review of a project. This idea is beneficial in the measurement of the corresponding prices of various goods and also beneficial in fixing the price of a factor.