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Questions and Answers
Which of the following best describes the concept of opportunity cost?
Which of the following best describes the concept of opportunity cost?
- The total cost of all available opportunities
- The monetary cost of an opportunity
- The cost of pursuing an opportunity
- The value of the next best alternative foregone (correct)
In microeconomics, what does the production possibility frontier illustrate?
In microeconomics, what does the production possibility frontier illustrate?
- The optimal allocation of resources in a monopoly
- The maximum output attainable with current technology and resources (correct)
- The unlimited potential for economic growth
- The minimum output required for economic efficiency
What is the main assumption underlying the law of demand in microeconomics?
What is the main assumption underlying the law of demand in microeconomics?
- Consumers' preferences remain constant (correct)
- Income levels are always increasing
- There are no substitutes for the good
- Producers always offer discounts on the good
