Which of the following is defined as the value of what is given up to obtain a product or service?
A. Product life cycle
B. Opportunity cost
C. Comparative advantage
D. Absolute advantage
E. Economies of scale
Answer: B
Which of the following is defined as the value of what is given up to obtain a product or service?
A. Product life cycle
B. Opportunity cost
C. Comparative advantage
D. Absolute advantage
E. Economies of scale