One of the scarce resources that constrain our behavior is time. Each of us has only 24 hours in a day, and we must allocate ou
r time in a given day among competing alternatives. How do you go about allocating your time in a given day among competing alternatives? How do you go about weighing the alternatives? Once you choose a most important use of time, why do you not spend all your time on that activity? A. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities rises. B. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises. C. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls. D. B and C only.
As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities rises
Explanation:
The allocating scarce resources is done to increase the output for the well being of the nation. This resources allocation must be associated with the decision makings.
Time is the important scarce resource that constrain the human behavior. The achievement of the particular goal occur by the efficient use of the time. The humans have different capabilities and spending more time on single activity can increase the opportunity cost.
