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Question
An opportunity cost
a. can be measured only when the decision involves expenditures of money.
b. can be measured only when the decision involves spending time on one thing and not on another.
c. is impossible to measure.
d. is equal to the value of what is given up to make a purchase or take an action.
e. exists for every decision made by individuals and businesses, but not by the government.
Answer
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Related questions
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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