The amount of a good that is given up to produce another good is:
a. its dollar cost.
b. its opportunity cost.
c. its relative cost.
d. its absolute cost.
e. all of these.
b
Economics
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Sometimes the response to price signals, rather than the signals themselves, may be flawed.
Answer the following statement true (T) or false (F)
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The term externalities refers to
A. The costs or benefits of a market activity borne by a third party. B. The inequitable distribution of income. C. Black-market economic activity. D. The impact on markets of imported goods.
Economics