The Opportunity Cost of Time Is

question 1

Multiple Choice

The opportunity cost of time is:

• A)the price marked on a product.
• B)the wage rate.
• C)the product of the wage rate and the time required for consumption.
• D)the sum of the wage rate and the time required for consumption.

---

Definitions:

State-Owned Enterprises

Businesses or entities that are owned and operated by a government.

Mikhail Gorbachev

The last leader of the Soviet Union, known for his policies of glasnost (openness) and perestroika (restructuring).

Private Ownership

The legal right of individuals or entities to own property, assets, or businesses without governmental intervention.

Means Of Production

The physical, non-human inputs used for the production of economic value, such as factories, machines, and tools.