Question : The amount of other goods and services that must be sacrificed to obtain more of any one good is called the _________cost of the good.
Option 1: opportunity
Option 2: secondary
Option 3: ignorable
Option 4: persuasive
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Correct Answer: opportunity
Solution : The correct answer is opportunity .
The amount of other goods and services that must be sacrificed to obtain more of a good is called the opportunity cost of the good. In microeconomic theory, the price of opportunity is what we get in exchange for intervention. It means the cost of change is the disadvantage or gain that might have been enjoyed if the alternate path was selected.
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