Question

opportunity costcost of the next best alternative use of money, time, or resources when one choice is made rather than another. ( T/F)

Answer 1

T

Explanation:

The scarcity of a goods means that the choice of one alternative overrides the other. Opportunity cost affects peoples choices. It is the best alternative for making a particular choice. I will illustrate with this example. If you spend time going to the supermarket to shop, you wont be a able to spend that time for something else and also the money for something else.