Opportunity Cost Is

question 63

Multiple Choice

Opportunity cost is

• A) that which we forgo, or give up, when we make a choice or a decision.
• B) a cost that cannot be avoided, regardless of what is done in the future.
• C) the additional cost of producing an additional unit of output.
• D) the additional cost of buying an additional unit of a product.

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Definitions:

Portugal

A country located in southwestern Europe on the Iberian Peninsula, known for its rich history, cultural heritage, and maritime discoveries.

Free Trade Policies

Advocate for minimal restrictions on the import and export of goods and services between countries, aiming to increase economic efficiency and growth.

U.S.

A country located in North America, known officially as the United States of America, which is a federal republic consisting of 50 states.

Goods And Services Deficit

The situation where a country imports more goods and services than it exports, leading to a negative trade balance.