Which of the Following Sayings Best Describes Opportunity Cost

question 131

Multiple Choice

Which of the following sayings best describes opportunity cost?

• A)"Make hay while the sun shines."
• B)"Love of money is the root of all evil."
• C)"Boldly go where no one has gone before."
• D)"There's no such thing as a free lunch."
• E)"Baseball has been very good to me."

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Definitions:

Oligopolists

Firms that are part of an oligopoly, a market structure with a small number of firms dominating the market, leading to limited competition.

Inverted-U Theory

A theoretical concept suggesting that a variable's effect on a particular outcome increases to a point but then begins to decrease as the variable continues to increase.

Market Structures

The organizational and other characteristics of a market that significantly affect the nature of competition and pricing within that market.

Retained Earnings

The portion of net income that is kept by the company instead of being paid out as dividends to its shareholders.