The Opportunity Cost of Producing Good a Is Defined to Be

question 32

Multiple Choice

The opportunity cost of producing good A is defined to be

• A)the money cost of the factors of production used in good A.
• B)the retail price of good A.
• C)the cheapest method of producing good A.
• D)what must be sacrificed of other goods to get an additional unit of good A.
• E)the cost of having to get by using something else in place of good A.

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Definitions:

Unsatisfied Need

A requirement or necessity that has not been fulfilled, often driving motivation and action to meet that need.

McClelland's Theory

A motivational theory that suggests individuals are motivated by three primary needs: achievement, affiliation, and power.

Need For Achievement

A strong desire to perform challenging tasks well.

Need For Power

The drive to influence or control other people, to be responsible for others, and to have authority over others.