Opportunity Cost Exists Because

question 22

Multiple Choice

Opportunity cost exists because

• A)technology is fixed at any point in time
• B)the law of comparative advantage is working
• C)resources are scarce but wants are unlimited
• D)the value of lost opportunities varies from person to person
• E)efficiency is measured by the monetary cost of an activity

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Definitions:

Addition Rule

A principle in probability and statistics that calculates the likelihood of any of multiple mutually exclusive events occurring.

Probabilities

The probability of an event happening, expressed numerically between 0 and 1, indicating the event's chance.

Null Hypothesis

A baseline assumption that suggests no significant effect or difference exists, serving as the initial point for conducting tests on statistical significance.

Sample Mean

The average value of a set of numbers, calculated by summing them all up and then dividing by the count of these numbers.