The Opportunity Cost of Any Factor of Production Is

question 61

Multiple Choice

The opportunity cost of any factor of production is

• A)its accounting cost.
• B)the money actually paid to the factors of production.
• C)the benefit forgone by not using it in its worst alternative.
• D)the benefit forgone by not using it in its best alternative.
• E)its explicit cost.

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Definitions:

Papillae

Small, nipple-like projections on the tongue where taste buds are located.

Eardrum

The taut membrane that transmits the vibrations caused by sound waves from the auditory canal to the ossicles in the middle ear.

Neural Activity

The electrical and chemical processes occurring within neurons that enable brain function, including thought, sensation, and movement.

Cochlea

A spiral-shaped cavity in the inner ear that contains the organ of Corti, responsible for converting sound vibrations into nerve impulses.