Opportunity cost is an economic concept which describes the?
Question
Opportunity cost is an economic concept which describes the?Options
A)
monetary equivalent of the utility of a commodity
B)
amount of time or money invested on a commodity
C)
sacrifice made for the satisfaction of a want
D)
cost of retaining an optimum level of production of commodities
Related Lesson: Identifying Opportunity Cost | Choice in a World of Scarcity
The correct answer is C.
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