Opportunity Cost Exists Because

question 22

Multiple Choice

Opportunity cost exists because

• A)technology is fixed at any point in time
• B)the law of comparative advantage is working
• C)resources are scarce but wants are unlimited
• D)the value of lost opportunities varies from person to person
• E)efficiency is measured by the monetary cost of an activity

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Definitions:

External Factors

Elements outside an individual's control that can influence outcomes, behaviors, or decisions, including social, environmental, and economic factors.

Internal Consequences

Outcomes that affect one’s inner self, such as emotions or psychological well-being, resulting from one's actions.

Hold Grudges

The persistent feeling of ill will or resentment resulting from a past insult or injury.

Physical Health

Describes the condition of a person's body, including whether it is free from illness or injury.