you and your friends meet at the mall for lunch. youve narrowed your choices down to a chicken sandwich or…

you and your friends meet at the mall for lunch. youve narrowed your choices down to a chicken sandwich or beef tacos. since you only have enough money for one meal, you choose tacos. which concept is best illustrated in this scenario? command economy public good opportunity cost supply and demand

you and your friends meet at the mall for lunch. youve narrowed your choices down to a chicken sandwich or beef tacos. since you only have enough money for one meal, you choose tacos. which concept is best illustrated in this scenario? command economy public good opportunity cost supply and demand

Answer

Brief Explanations:

Opportunity cost refers to the value of the next - best alternative that is forgone when a decision is made. In this scenario, when choosing beef tacos, the chicken sandwich (the next - best alternative) is given up. A command economy is a system where the government makes most economic decisions. A public good is a good that is non - excludable and non - rivalrous. Supply and demand is about the interaction of the quantity of a good that producers are willing to sell and consumers are willing to buy at different prices. None of these other concepts fit as well as opportunity cost.

Answer:

opportunity cost