The best alternative use of a resource is referred to as its:
A) sunk cost.
B) market price.
C) marginal utility.
D) opportunity cost.
D
Economics
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Explain how selling costs in monopolistic competition affect the efficiency of monopolistic competition
What will be an ideal response?
Economics
John and Mary work at a bakery. John can decorate either 10 ice-cream cakes or 4 wedding cakes; Mary can decorate either 8 ice-cream cakes or 2 wedding cakes. According to this scenario
A) the opportunity cost of decorating a wedding cake for Mary is 4 ice-cream cakes. B) the opportunity cost of decorating a wedding cake for Mary is 1/4 ice-cream cake. C) the opportunity cost of decorating a wedding cake for Mary is 2 1/2 ice-cream cakes. D) the opportunity cost of decorating a wedding cake for Mary is 2/5 ice-cream cake.
Economics