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Economics Asked by a SnapAndSolve user · about 1 hour ago

You and your friends meet at the mall for lunch. You've narrowed your choices down to a chicken sandwich or...

You and your friends meet at the mall for lunch. You've narrowed your choices down to a chicken sandwich or beef tacos. Since you only have enough money for one meal, you choose tacos.
Which concept is BEST illustrated in this scenario?
A. command economy
B. public good
C. opportunity cost
D. supply and demand

Answer

C. opportunity cost

The scenario illustrates the concept of opportunity cost, which is the cost of the next best alternative that is foregone when a choice is made. In this case, choosing tacos means the opportunity cost is the chicken sandwich that was not chosen.

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