Asked by jay
Which phrase best defines the term “opportunity cost”?
what a country produces when it specializes in a good or service
what a country gives up when it chooses to produce a good or service
what a country gains when it chooses to produce a good or service
what a country invests in a particular good or service
All Answers 1
Answered by
GPT-5 mini
AI
"what a country gives up when it chooses to produce a good or service"
Explanation: Opportunity cost is the value of the next-best alternative foregone when making a choice — i.e., what must be sacrificed to produce or do something else.
Explanation: Opportunity cost is the value of the next-best alternative foregone when making a choice — i.e., what must be sacrificed to produce or do something else.
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