Which of the Following Statements Are CORRECT

question 475

Multiple Choice

Which of the following statements are CORRECT?
I. The "highest-valued alternative given up to get something" is the opportunity cost.
II. Wealthy economies don't experience opportunity costs.
III. Scarcity creates opportunity costs.

• A) I only
• B) I and II
• C) I and III
• D) I, II, and III

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Definitions:

Crowdsourcing

The practice of obtaining services, ideas, or content by soliciting contributions from a large group of people, especially from an online community.

Social Networking

The use of internet-based platforms and technologies to build, engage, and share content, ideas, and interests with others in virtual communities and networks.

Digital Divide

The discrepancy between those who have access to the opportunities and knowledge that computers and the Internet offer and those who do not.

Technology

The application of scientific knowledge for practical purposes, especially in industry.