Asked by Natty SNatty on Jun 17, 2024
Verified
The opportunity cost of using resources to produce more of one good instead of more of another good is its
A) marginal revenue.
B) marginal cost.
C) price.
D) total cost.
Opportunity Cost
The cost of choosing one option over another, representing the value of the foregone alternative.
Marginal Cost
The financial outlay involved in producing an additional unit of a product or service.
Resources
The total means available for economic and political development, such as minerals, labor, and capital.
- Gain an understanding of how marginal and opportunity costs influence decisions in economics.
Verified Answer
NH
Nadia HasaniJun 21, 2024
Final Answer :
B
Explanation :
The opportunity cost of using resources to produce more of one good instead of another is best represented by its marginal cost, which is the cost of producing one additional unit of a good. This concept reflects the trade-offs involved in allocating resources to different production activities.
Learning Objectives
- Gain an understanding of how marginal and opportunity costs influence decisions in economics.
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