Question

When the benefit of one particular use of a resource is greater than the opportunity cost, then that resource is which of the following?
A.) A normal good

B.) Not scarce

C.) Non-excludable

D.) Being used efficiently

Answer 1

Answer:

D.) Being used efficiently

Explanation:

Opportunity cost is a term used in economics to indicate the cost of something in terms of a given opportunity, that is, the cost, even social, caused by the economic entity's resignation, as well as the benefits that could be obtained from of this resigned opportunity or, even, the highest income generated in some alternative application.  In other words: The opportunity cost represents the value associated with the best alternative not chosen. When making a certain choice, the other possibilities are left aside, for they are exclusive, (choosing one is refusing others).

Following this rationale, when the benefit of a specific use of a resource is greater than the opportunity cost, this means that this resource is being used efficiently.

Answer 2

Answer:

D. Being used efficiently