Question
Which of the following statements are true regarding the
principle of Opportunity Cost? 1. Opportunity cost refers to the cost of the next best alternative foregone. 2. Opportunity cost is only applicable in the context of financial transactions. 3. Opportunity cost is a fundamental concept in decision-making. 4. It is not relevant in the case of making long-term investments. Select the correct answer using the code below:Solution
• Statement 1 is correct because opportunity cost refers to the cost of the next best alternative that is forgone when a decision is made. • Statement 2 is incorrect because opportunity cost applies not only to financial transactions but also to any decision involving choices between alternatives. • Statement 3 is correct as opportunity cost is a core principle in economics that influences decision-making. • Statement 4 is incorrect because opportunity cost is applicable to both short-term and long-term decisions, including investments.
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