Anything That Has Alternative Uses Has an Opportunity Cost and Is

question 113

True/False

Anything that has alternative uses has an opportunity cost and is, therefore, scarce.

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Definitions:

Consumer Surplus

The difference between the total amount that consumers would have been willing to pay for a good or service versus what they actually pay.

Total Surplus

The sum of consumer surplus and producer surplus, measuring the overall welfare benefit to a society from the production and consumption of goods and services.

Domestic Producers

Domestic producers are individuals or companies that produce goods or services within their home country's borders.

Domestic Consumers

Individuals or households within a country that purchase goods and services for personal use.