The Term Used to Emphasize That Making Choices in the Face

question 134

Multiple Choice

The term used to emphasize that making choices in the face of scarcity involves a cost is

• A) substitution cost.
• B) opportunity cost.
• C) utility cost.
• D) accounting cost.

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Definitions:

Unconscionable

Describes terms or agreements that are so unfair to one party that no reasonable or informed person would agree to them.

Life Insurance

A contract between an insurer and a policyholder that pays a designated beneficiary a sum of money upon the death of the insured person.

Necessary

Something essential or required in a particular situation, often used to describe conditions or actions needed to achieve a specific result.

Social Status

The position or rank of a person or group within the society, often determined by wealth, occupation, education, or family lineage.