Answer:
C. the scarcity of resources available in an economy
Explanation:
Opportunity cost is the cost of the option foregone when one alternative is choose over other alternatives.
It is usually assumed that humans wants are limitless and the resources available to satisfy these needs are limited. So, as more quantity of a good is being produced, there would be less resources available to produce another good.
It is due to opportunity costs that the PPF curve is bowed outward because as more of one good is being produced, less of the other good would be produced
Answer: C. the scarcity of resources available in an economy
Explanation:
Opportunity Cost is indeed a measurement of sacrifice as it is the cost of the next best alternative foregone in other to be able to make the current decision.
The reason Opportunity costs exist is because of a scarcity of resources. This means that we have to manage our resources by applying them to one alternative at a time so that they do not finish. Had resources been infinite, all alternatives could be embarked on.
