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FSOT: 500 Test Prep Study Questions

Category - Economics

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Which of the following defines the opportunity cost of production?
  1. Using a resource in one capacity in production eliminates the ability to use it in another
  2. Loss of potential profit in order to capture a larger market share
  3. Streamlining production costs to maximize profit
  4. Increasing overhead costs in order to expand production
Explanation
Answer: A - Using a resource in one capacity in production eliminates the ability to use it in another.
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