When an Economy's Limited Resources Are Moved into the Production

question 50

Multiple Choice

When an economy's limited resources are moved into the production of one commodity, the production of a valuable alternative has to be foregone.This most valuable alternative lost is referred to as:

• A)the marginal cost.
• B)the opportunity cost.
• C)the sunk cost.
• D)the fixed cost.

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Definitions:

Duty of Substantial Performance

An obligation requiring a party to perform their contractual duties to such a degree that the essential purpose of the contract is met, even if some minor details are incomplete.

Breach of Contract

A violation of any of the agreed-upon terms and conditions of a binding contract without a lawful excuse.

Conditional

Pertaining to an agreement or provision that becomes effective only when a specific requirement or condition is met.

Breach

Engaging in behavior that breaches or disregards an established regulation, pact, or moral standard.