The Idea of Opportunity Cost Is Relevant

question 154

Multiple Choice

The idea of opportunity cost is relevant

• A)only in consumption decisions.
• B)only in production decisions.
• C)only in financial decisions.
• D)in almost any kind of decision.

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Definitions:

Transferable Rights

Rights that can be assigned or transferred from one party to another.

Pollution

The presence or introduction into the environment of contaminants that cause harm or discomfort to organisms and the environment.

Government

The organization or system through which a community or nation is governed and regulated.

Market Mechanism

The process by which supply and demand interact to determine the prices and quantities of goods and services in a market economy.