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Opportunity cost is the value of the next best alternative that must be foregone to undertake an activity. It represents the real cost of a decision.

Economics

ScanSolve AI Answer

Answer

D

Here are the answers to all the questions from the image:

  1. Opportunity cost is the value of the next best alternative that must be foregone to undertake an activity. It represents the real cost of a decision. The correct option is (d). Answer for 1: real\boxed{\text{real}}

  2. The order of ranking needs according to their importance is a scale of preference. The correct option is (c). Answer for 2: scale of preference\boxed{\text{scale of preference}}

  3. Step 1: Arrange the scores in ascending order.

    2,5,15,18,302, 5, 15, 18, 30

    Step 2: Identify the

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