Opportunity Cost Is

question 68

Multiple Choice

Opportunity cost is

• A) the additional cost incurred from the consumption of one more unit of output.
• B) the cost involved when choosing between alternatives.
• C) the cost of production which cannot be recaptured.
• D) the total cost incurred from the consumption of additional output.

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Definitions:

Abundant Elements

The most common elements found in the Earth's crust, atmosphere, or oceans.

Universe

The totality of all space, time, matter, and energy, including galaxies, stars, and planetary systems.

Silicate Mineral

Minerals composed of silicate groups, the most abundant class of minerals in the Earth's crust, containing silicon and oxygen.

Continental Crust

The thick, buoyant part of the Earth's crust that forms the continents; it is generally older and more complex than oceanic crust.