Opportunity Costs Exist Because

question 134

Multiple Choice

Opportunity costs exist because

• A) using resources for one activity means that their use elsewhere must be given up.
• B) sellers are unwilling to give up their product without a price.
• C) there are opportunities to find ways to reduce costs.
• D) buyers always have an opportunity to go to another seller.

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Definitions:

Illusory Correlation

A tendency to assume an association between two rare occurrences, such as being in a minority group and performing negative actions.

Minority Group

A demographic group that is smaller in numbers within a larger society and is often subjected to differing treatment or discrimination.

Negative Actions

Behaviors or deeds that have harmful, destructive, or undesirable outcomes.

Illusory Correlations

The perception of a relationship between two variables even when no such relationship exists.