fluffybunnyhopping fluffybunnyhopping

11-06-2024
Social Studies

Answered

Select the correct answer.

Mark is an excellent cook with no formal training but learned from famous chefs' recipes and his mom. Every weekend, he invites friends over for dinner to try new dishes and get honest feedback. Mark wants to start his own restaurant someday because he believes he would be successful and become wealthy. Which of Adam Smith's ideas made Mark think of starting a restaurant?

A. invisible hand
B. self-interest
C. competition
D. laissez-faire

Answer :

GinnyAnswer GinnyAnswer

11-06-2024

Final answer:

Opportunity cost is the value of the next best alternative sacrificed when making a choice, influencing decision-making and reflecting tradeoffs.

Explanation:

Opportunity cost is the value of the next best alternative that must be sacrificed when making a choice. It represents what one gives up to obtain something desired, reflecting tradeoffs individuals face in decision-making. For example, if Alphonso chooses a burger, the opportunity cost would be the four bus tickets he would have to forgo.

Learn more about Opportunity cost here:

https://brainly.com/question/37051624

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