ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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According to economics, which of the following could be your opportunity cost of taking this Quizizz?
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Working on an assignment for another class
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The benefit of reviewing for the test
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All activities you could choose to do instead
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The money taxpayers spent on your education
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All of the above
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Explanation:
Detailed explanation-1: -If the course was not chosen, then the money and time would have been spent on some other activity. The benefit that would have been gained from that activity is the opportunity cost of taking the economics course.
Detailed explanation-2: -Opportunity cost is defined as the cost of the next best alternative foregone. It represents the sacrifices that people must make due to the scarcity of resources.
Detailed explanation-3: -The opportunity cost of a good is the alternative goods forgone. the price of alternative goods foregone.
Detailed explanation-4: -Opportunity cost is equal to implicit costs plus explicit costs.
There is 1 question to complete.