The Concept of Opportunity Cost

question 109

Multiple Choice

The concept of opportunity cost

• A) is irrelevant in socialistic economies because of central planning.
• B) suggests that the use of resources in any particular line of production means that alternative outputs must be forgone.
• C) is irrelevant if the production possibilities curve is shifting to the right.
• D) suggests that insatiable wants can be fulfilled.

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Definitions:

Inter-leaf Friction

The resistance encountered between the leaves of a multi-leaf spring, contributing to the spring's damping characteristics.

Air Suspension

Air suspension is a type of vehicle suspension powered by an electric or engine-driven air pump or compressor, which inflates flexible bellows to adjust the car's level, reduce the effect of shock forces, and improve ride quality.

Regulated Pressure

The control or maintenance of pressure levels within specific limits in a system, achieved through the use of valves, regulators, or other controlling devices.

Axle Saddle

is a part of a vehicle's chassis that supports the axle, allowing it to bear the weight of the vehicle as well as enabling smooth movement and load distribution across the axle.