Opportunity cost means
A. | Cost of a Homogeneous product |
B. | Cost of the Last unit |
C. | Cost of next best alternative |
D. | Cost of all units produced. |
Option: C Explanation : Click on Discuss to view users comments. |
A. | Equal Elasticity of Demand |
B. | Different Elasticity of Demand |
C. | Inelastic demand |
D. | High Elastic Demand |
Option: B Explanation : Click on Discuss to view users comments. |
What is the 'fundamental promise of Economics',
A. |
Individuals are capable of establishing goals and acting in a manner consistent and achievement of those goals.
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B. | Natural resources will always be scarce |
C. |
Individuals choose the alternative for which they believed the net gains to be the greatest
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D. |
No matter what the circumstance individual choice always involve a trade off.
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Option: C Explanation : Click on Discuss to view users comments. |