Chapter 1 What is Economics? Test bank MULTIPLE CHOICE ...

D)an opportunity cost 40) 41)The term used to emphasize that making choices in the face of scarcity involves a cost is A)utility cost. B)opportunity cost. C)accounting cost. D)substitution cost. 41) 42)The loss of the highest-valued alternative defines the concept of A)entrepreneurship. B)scarcity. C)marginal benefit. D)opportunity cost. 42) ................
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