A corporation is legally owned by its

Because resources are scarce, if society produces more of one commodity, it has to sacrifice some amount of another commodity. The amount sacrificed is

a. a normative problem b. the out-of-pocket cost c. the opportunity cost d. the lost profit e. the total factor productivity

Consumers usually pay less than the total cost of medical treatment because

A) a third party, usually an insurance company, often pays most of the bill. B) the federal government pays for most medical procedures. C) competition forces doctors and hospitals to charge prices that do not cover their costs. D) a third party, usually an employer, often pays most of the bill.