Economist speak about 'opportunity cost' when a person
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- A Has the opporunity to attain a high degree of cost minimization
- B Has to forego one thing in order to have another
- C Can equate his fixed costs with his variable costs
- D Is able to run his business without much expenditure
- E Has to maximize utility in order to maintain a high standard of living
Correct Answer: Option B
Explanation:
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