Opportunity Cost arises only when alternatives are available. This statement is:-
Which of the following statements about opportunity cost is TRUE?
I. Opportunity cost is equal to implicit costs plus explicit costs. II. Opportunity cost only measures direct monetary costs. III. Opportunity cost accounts for alternative uses of resources such as time and money.
Q. Socialism aims to end poverty, ignorance, disease, and inequality of opportunity. In this context, consider the following statements:
Which of the above statements is/are correct?