Which one of the following statements is incorrect? a) Choice always involves sacrifice. b) Choice always involves opportunity cost. c) Economists measure cost in terms of opportunity cost. d) Economists consider only explicit monetary costs. e) There are always costs involved in the use of scarce resources.

Which one of the following statements is incorrect? a) Choice always involves sacrifice. b) Choice always involves opportunity cost. c) Economists measure cost in terms of opportunity cost. d) Economists consider only explicit monetary costs. e) There are always costs involved in the use of scarce resources.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 2QFR

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