ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sunlight is a gift of nature
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Sunlight is a renewable resource
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There is no opportunity cost of using sunlight
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Unlimited amounts of sunlight can be consumed.
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Detailed explanation-1: -Additionally, a free good is a good with zero opportunity cost. This means it can be consumed in as much quantity as needed without reducing its availability to others. Free goods like air, water and sunshine have zero opportunity cost because their total supply exceeds total demand.
Detailed explanation-2: -1 In economics, natural sunlight is classified as a free good. What is the reason for this? A Sunlight is a gift of nature.
Detailed explanation-3: -Free goods are those goods which are free of cost and economic goods are available for a particular price. Among the given options, sunshine, rainfall and air are examples of free goods and a bottle of water is an example of economic good.
Detailed explanation-4: -Examples of free goods are ideas and works that are reproducible at zero cost, or almost zero cost. For example, if someone invents a new device, many people could copy this invention, with no danger of this “resource” running out. Other examples include computer programs and web pages.
Detailed explanation-5: -is, goods or services that are not scarce? Sunlight, Air, Water, Thoughts are a few examples of free goods.