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Opportunity Cost and Tradeoffs
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Knowledge Check
Question 1 of 4
Which of the following is true about opportunity costs?
An individual’s opportunity cost is not affected when explicit costs decrease.
An individual’s opportunity cost decreases when an alternative becomes more valuable.
An individual’s opportunity cost decreases when explicit costs increase.
An individual’s opportunity cost increases when the next best alternative becomes more valuable.
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Principles of Microeconomics
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