The concept of opportunity costA) is relevant only to economics.B) can be applied to the analysis of any decision-making process.C) applies to consumers but not to firms.D) refers only to actual payments and incomes.

Question

The concept of opportunity costA)  is relevant only to economics.B)  can be applied to the analysis of any decision-making process.C)  applies to consumers but not to firms.D)  refers only to actual payments and incomes.

hilda mashayekh · Accepted Answer

Final Answer : B, Explanation :  Opportunity cost is a fundamental concept in economics that applies to any decision-making process, not just economic decisions. It represents the cost of forgoing the next best alternative when making a choice, and it is relevant to both consumers and firms, as well as decisions that do not involve actual payments or incomes.

The concept of opportunity cost

A) is relevant only to economics.
B) can be applied to the analysis of any decision-making process.
C) applies to consumers but not to firms.
D) refers only to actual payments and incomes.

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