Which of the Following Sayings Best Reflects the Concept of Opportunity

question 38

Multiple Choice

Which of the following sayings best reflects the concept of opportunity cost?

• A) "You can't teach an old dog new tricks."
• B) "There is no such thing as a free lunch."
• C) "I have a baker's dozen."
• D) "There's no business like show business."

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Definitions:

AC

Average Cost; the total cost of production divided by the number of units produced, indicating the cost per unit.

Producer Surplus

The difference between the amount producers are willing to supply goods for and the actual amount received by them when sold.

Perfectly Competitive Industry

An economic theory describing a market structure where firms sell identical products, no single buyer or seller can influence the market price, and information is freely available.

AC

AC, or Average Cost, is the cost per unit of output, calculated by dividing the total cost by the quantity of output produced.