(1) The opportunity cost of an activity is the lowest valued alternative forgone as the result of choosing that activity. (II) Opportunity cost is subjective; it can be determined only by the person who chooses among the alternatives. Both I and II are true. b. I is true; II is false. I is false; II is true. d. Both I and II are false. a, с.

(1) The opportunity cost of an activity is the lowest valued alternative forgone as the result of choosing that activity. (II) Opportunity cost is subjective; it can be determined only by the person who chooses among the alternatives. Both I and II are true. b. I is true; II is false. I is false; II is true. d. Both I and II are false. a, с.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.2: Trade-offs

Problem 3R

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