Figure 1.3In Figure 1.3, underutilization of resources is represented by point

Which statement concerning opportunity costs is false?

In economics, physical capital includes

People

Prices of inputs and outputs are set by the government in a _____ economic system.

All human activity related to the productive process is known as

The heart of the economic problem is to

Opportunity cost is best defined as the

The total cost of attending college

Figure 1.3Point D in Figure 1.3 represents