A Final Good Is One That

question 18

Multiple Choice

A final good is one that

• A)is used in the production of another good.
• B)is a natural resource used to produce a good.
• C)is purchased as an input in the production process.
• D)is purchased by its final user.

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Definitions:

Opportunity Cost

The cost of the next best alternative foregone when making a decision.

Production Possibilities Frontier

A graph that shows the combinations of two goods that an economy can produce using all available resources and technology efficiently.

Constant

A value or factor that does not change in mathematical expressions or experiments, representing stability within a specified context.