Question

It is possible for the opportunity cost of an input to be very low or zero if there is no alternative use for it.

Answer 1

Yes, It is possible for the opportunity cost of an input to be very low or zero if there is no alternative use for it. It means that the statement is true.

The opportunity cost of an input is zero if it has no alternative use. This is so because the cost of alternatives refers to the value of the next best option. Since there isn't an alternative available in the scenario described, the opportunity cost is zero.

The opportunity cost of a certain activity option is defined as the loss of value or benefit that would result from engaging in that activity (the cost) as opposed to engaging in an alternative activity that offers a higher return in value or benefit in microeconomic theory.

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