Asked by
Julia Boffa
on Dec 12, 2024Verified
The opportunity cost of building a park in your hometown would be the
A) money cost of constructing the park.
B) highest valued bundle of other goods and services that must be forgone because of the park construction.
C) necessary increase in tax revenues to finance the construction.
D) amount of time spent in leisure activities in the park once it is constructed.
Opportunity Cost
The benefit lost when one decision is made over another, effectively the cost of forgoing the next best alternative.
Park Construction
The process of designing, planning, and building an area of land with recreational facilities, natural elements, and landscaping intended for public use.
Necessary Increase
An essential rise in quantity or capacity required to meet a specific need or to maintain equilibrium.
- Elucidate and determine opportunity costs across diverse economic situations.
Verified Answer
AF
Learning Objectives
- Elucidate and determine opportunity costs across diverse economic situations.