For a Resource in Short Supply, the Opportunity Cost of the Resource

question 27

True/False

For a resource in short supply, the opportunity cost of the resource is positive.

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Definitions:

Functional Thinking

A cognitive approach focusing on the practical and utilitarian aspects of problem-solving and decision-making.

Divergent

Characterized by moving or extending in different directions from a common point or deviating from a conventional pattern.

Insightful

Having or showing an accurate and deep understanding; perceptive.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method or decision.