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Why does scarcity create opportunity cost?
A
The concert ticket that was the next best use of £45.
B
One - only the next best alternative counts.
C
Using a scarce resource for one purpose rules out its other uses.
D
The revision they would otherwise have done.
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1.2.3 Opportunity cost Flashcards
20 flashcards on OCR GCSE Economics 1.2.3 Opportunity cost: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.