Question on: SS1 Economics - Concepts Of Wants, Scarcity, Scale Of Preference, Choice And Opportunity Cost
Which of the following best defines opportunity cost?
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A
The desires or needs of individuals for goods and services that can satisfy their needs or make them happier.
B
The situation where the available resources are limited in relation to the wants or needs of individuals.
C
The list of wants or needs that an individual has, arranged in order of priority.
D
The value of the next best alternative foregone when an individual makes a choice.
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Correct Option: D
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