Question

21) Opportunity cost: O is always lower than the given value of a factor is always higher than the given value of a factor O is equal to the given value of a factor can be less than, more than or equal to the given value of a factor​

Answer 1

sorry i dont know the answer

Answer 2

Opportunity cost is a vital concept in Economics that determines what activities a person or a party will engage in.

• Let's say there are two economic activities, we'll name them 1 & 2.
• Now which economic activity the given party will engage in is determined by the opportunity cost incurred by the given party by not engaging in the other activity.
• The opportunity cost of certain activities can determine the overall direction in which an economy will head to.
• If the opportunity cost of not engaging in a particular activity is very high then the economy as a whole tends to shift towards that activity.