The Notion of Opportunity Cost Is Best Defined As

question 32

Multiple Choice

The notion of opportunity cost is best defined as:

• A)the monetary price of any productive resource
• B)the amount of labour that must be used to produce one unit of any product
• C)the monetary price of any product
• D)the utility that could have been gained by choosing an action's best alternative
• E)the number of units of a product that are available to be purchased

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Definitions:

Inelastic

Describing a situation in which the demand or supply for a good or service is not significantly changed when the price changes.

Price Range

The spread between the highest and lowest price at which a product, service, or asset is traded or offered for sale.

Ed

A common abbreviation for price elasticity of demand, which measures how much the quantity demanded of a good responds to a change in its price.

Total Revenues

The total amount of money generated by a business from the sale of goods and services before any costs or expenses are deducted.