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Homework answers / question archive /   1)The opportunity cost is the second-best benefit from an action that is not taken

  1)The opportunity cost is the second-best benefit from an action that is not taken

Business

 

1)The opportunity cost is the second-best benefit from an action that is not taken. Is this definition true or false? Please explain! 2)Production possibility curve cannot be extended, meaning that a society face scarcity as usual basis. Is this sentence true or false Please explain! 3)When consuming any goods or services, a consumer receives utility which is the same for usefulness. Is this sentence true or false Please explain! 4)When there is no budget constraint, a consumer does not need to consider price in order to maximize his or her utility. Is this sentence true or false Please explain! 5)People demand more quantity of a good or service when its price drops only because their real income increase. Is this sentence true or false Please explain!

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