Because we face scarcity, every choice involves: A

Economics Jan 22, 2021

Because we face scarcity, every choice involves:

A. the question "What?"

B. money.

C. an opportunity cost.

D. giving up something for nothing.c

Expert Solution

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.

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote