A consumer must decide between purchasing a new cell phone or renting a new car. Why might determining the opportunity cost be uncertain?

Question

A. The cost to the producer for making the items is not known to the consumer.
B.The benefit of each choice is not easily quantified, so the comparison can be vague.
C. The price of the cell phone or car rental might change.
D.There is no uncertainty because the consumer has all the required information.

Answer 1

B. The benefit of each choice is not easily quantified, so the comparison can be vague.

Answer 2

Which of the following is considered a natural resource?
A. labor
B. food products
C. water
D. capital

Answer 3

C. water