Opportunity cost occurs because of a producer’s need to limit resources. protect resources. allocate resources. spend resources.
Answers
Answer: Allocate resources
Explanation:
Opportunity cost refers to the cost of the next best alternative foregone. As we know that resources are limited and we must put them to the best use. So we have to make decision about in which to used those resources. Therefore allocation of resources is a problem for the producers. So, opportunity cost occurs when producers allocate resources to alternative uses or goods.
Therefore, allocate resources is the correct option.
option (c)
Allocate resources.
Explanation:
In economics, The opportunity cost is a concept which is widely used in the economic system.
When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource.
for example, in a particular period either we can watch TV or study or play games. In this scenario watching TV and play games are the opportunity cost of study time.
The main reason behind this is the scarcity and so we need to best utilize them. So, we can say that the Opportunity cost occurs because of a producer’s need to allocate resources.
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