The Opportunity Cost of Obtaining More of One Good Is

question 32

Multiple Choice

The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the

• A)amount of the other good that must be given up.
• B)market price of the additional amount produced.
• C)amount of resources that must be devoted to its production.
• D)number of dollars that must be spent to produce it.

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Definitions:

Business Owners

Entrepreneurs or individuals responsible for the strategic decisions, financial risks, and operational management of a company.

Lots Of Money

A colloquial term referring to a substantial amount of currency or financial resources.

Entrepreneurs

People who initiate, manage, and assume the risks of starting a new business venture.

Opportunity

A set of circumstances that makes it possible to do something, often used in the context of business to denote a chance for progress or profit.