Because resources are scarce, if society produces more of one commodity, it has to sacrifice some amount of another commodity. The amount sacrificed is A. a normative problem B. the out-of-pocket cost C. the opportunity cost D. the lost profit E. the total factor productivity

Question

Willow Mcknight

Business

11 October, 23:43

Because resources are scarce, if society produces more of one commodity, it has to sacrifice some amount of another commodity. The amount sacrificed is A. a normative problem B. the out-of-pocket cost C. the opportunity cost D. the lost profit E. the total factor productivity

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Answers (2)

Know the Answer?

Kaylah Mathews · Answer 1

The correct answer is letter "C": the opportunity cost.

Explanation:

The opportunity cost represents the return of the option chosen compared to the return that could have provided the option forgone. Opportunity cost can also be described as the return of the best next option available that was left behind after choosing another option. It is what was "left on the table".

Liam Gould · Answer 2

C. the opportunity cost

Explanation:

The opportunity cost -

It refers to the amount of benefit received by the business, investors or an individual, during the process of selecting any alternative, is referred to as the opportunity cost.

These cost can be ignored very easily, in case not seen properly.

The opportunity cost can very well be used to any important and educational decisions for the betterment of the company or firm.

Hence, from the given information of the question,

The correct option is C. the opportunity cost.