The opportunity cost of producing a good or service is the good or service that is foregone by choosing to produce another good with the same resources in a given period of time

Quantity Demanded

What will be an ideal response?

Which of the following is a correct description of the supply curve?

i. The supply curve is also the marginal cost curve. ii. The supply curve shows the dollars' worth of other goods that we must sacrifice to produce another unit of a good. iii. The supply curve shows the additional cost of producing another unit of a good. A) i only B) i and ii C) ii and iii D) i, ii, and iii E) ii only