Opportunity cost:
a. represents the best alternative sacrificed for a chosen alternative.
b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity.
c. represents the worst alternative sacrificed for a chosen alternative.
d. Represents all possible alternatives sacrificed for a chosen alternative.
a
Economics
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Since 1960, the price of medical care in the United States has
A) decreased slightly. B) remained relatively unchanged. C) increased 8-fold. D) increased 19-fold.
Economics
All other things unchanged, the velocity of money will _______ if the quantity of money demanded _______.
A. decrease; decreases B. increase; increases C. increase; decreases D. fall to zero; increases
Economics