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Question: Is opportunity cost what a person gives up when they make a choice? Is opportunity cost the idea that scarcity is an economic problem? Is opportunity cost when choices have benefits?
Yes, opportunity cost is what a person gives up when they make a choice. Opportunity cost also refers to the idea that scarcity is an economic problem, when choices must be made due to limited resources, and the benefits associated with each choice.
Jan. 4, 2023, 9:16 a.m.
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