Opportunity Cost Is Objective; Therefore, Its Value Does Not Change

question 16

True/False

Opportunity cost is objective; therefore, its value does not change as circumstances change.

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Definitions:

Nonrenewable Resource

A natural resource that cannot be readily replaced by natural means on a level quick enough to keep up with consumption.

Market Price

The current price at which an asset or service can be bought or sold, determined by the supply and demand dynamics in the open market.

Conservation

The careful management and preservation of natural resources to prevent waste, degradation, or loss.

Cost-Benefit Analysis

A systematic approach to estimating the strengths and weaknesses of alternatives used to determine the best option(s) through the benefits and costs.