Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Because we face scarcity, every choice involves: A
Because we face scarcity, every choice involves:
A. the question "What?"
B. money.
C. an opportunity cost.
D. giving up something for nothing.
The correct option is C. an opportunity cost.
Explanation:
When dealing with scarcity in the market, all the trade-offs experienced by the market participants are explained by opportunity cost. Opportunity cost explains the presence of scarcity as it measures the loss of one commodity to gain extra units of another commodity in the market.
