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18 Aug 2020
Which statement about opportunity cost is true
I. Opportunity cost is equal to implicit costs plus explicit costs.
II. Opportunity cost only measures direct monetary costs.
III. Opportunity cost accounts for alternative uses of resources such as time and money.
A. I, II and III
B. I
C. III only
D. I and III only
Which statement about opportunity cost is true
I. Opportunity cost is equal to implicit costs plus explicit costs.
II. Opportunity cost only measures direct monetary costs.
III. Opportunity cost accounts for alternative uses of resources such as time and money.
A. I, II and III
B. I
B. I
C. III only
D. I and III only
Prachi DabasLv10
20 Oct 2020