The opportunity cost of producing one additional truck is
A. the profit that could have been earned from selling that truck.
B. the amount of other goods that could not be produced because productive resources were used instead to produce that truck.
C. the price of the truck.
D. all of the choices are true.
B. the amount of other goods that could not be produced because productive resources were used instead to produce that truck.
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If the cross elasticity of demand between two goods is -0.56, then a fall in the price of one good leads to a ________ shift in the ________ of the other good
A) rightward; demand B) rightward; supply C) leftward; demand D) leftward; supply
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.