The Opportunity Cost of a Resource

question 148

Multiple Choice

The opportunity cost of a resource

• A)includes both explicit and implicit cost
• B)includes explicit cost only
• C)includes implicit cost only
• D)is equal to the market price of the resource
• E)is not related to the market price of the resource

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Definitions:

Gas Sales

Transactions involving the purchase and sale of gas, either in its natural form or after processing, typically for the purpose of energy production or heating.

Complements

Goods or services that are used together, where the demand for one item increases the demand for another.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in its price, with higher elasticity indicating a greater response.

DVDs

Digital Versatile Discs, a type of optical storage media used for storing data, including video and audio, now overshadowed by digital streaming services.