Question

Which of the following statements about opportunity cost are true? CHECK ALL THAT APPLY. It exists because resources are scarce. It influences consumers. It influences producers. It assists in anticipating profits. It encourages people to spread their resources around.

Answer 1

Answer:

- It exists because resources are scarce.

- It influences producers.

- It influences consumers.

Explanation:

It exists because resources are scarce:

It is very unrealistic to say that the resources are unlimited as it is impossible to produce such a huge number of resources. So keeping this mind, people have to decide which resource they want to make use of.

It influences producers:

Decisions about what products are to be made by the producers that they plan to make for consumers.

It influences consumers:

Consumers also have to keep in mind their limited resources while spending.

Answer 2

Answer:

A

B

C

Explanation:

Edge 2020 :) Hope this helped