The Highest-Valued Alternative That Must Be Given Up to Engage

question 115

Multiple Choice

The highest-valued alternative that must be given up to engage in an activity is the definition of

• A)economic equity.
• B)marginal benefit.
• C)opportunity cost.
• D)marginal cost.

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Definitions:

Immigration

The movement of people into a country in which they are not natives or where they do not possess citizenship in order to settle or reside there.

Domestic Output

The collective worth of every product and service generated inside a nation's boundaries over a specific duration.

Total Wage Bill

The cumulative amount of money a firm pays to its employees in wages over a specific period.