Which Statement Is NOT True

question 17

Multiple Choice

Which statement is NOT true?

• A)Resource scarcity is a major economic concern in the rich countries of the world.
• B)Most opportunity costs are zero.
• C)An economic situation is in equilibrium when no individual would be better off taking a different action.
• D)Very talented individuals,who can do most things better than most people,may still benefit greatly from specializing in doing one thing.

Interpret the significance of economic profit and how it differs from accounting profit in business analysis.

Identify what constitutes implicit costs and their relevance in calculating economic profit.

Analyze the impact of opportunity costs on the firm's equity capital from an economist's perspective.

Comprehend the relationship between total revenues, total costs, and economic profit.

---

Definitions:

Calf Muscles

The muscles located at the back of the lower leg, responsible for movements of the foot and ankle.

Health and Safety Rules

Guidelines and regulations designed to prevent accidents and injuries in the workplace or public spaces.

Nurture Spirit

The process of fostering personal growth, emotional well-being, and a sense of purpose.

Well-balanced Diet

A nutritional regime that includes a variety of foods in the right proportions to sustain health and energy levels.