Question

You only have $10 to spend for the week. You decide to spend $8 on a movie instead of buying an $8 pizza. a. What is the scarce resource? Why is this the scarce resource? b. What are the two potential choices you had? c. What is the opportunity cost of the choice you made?

Answer 1

[See Below]

Step-by-step explanation:

* The scarce resource would be 10$.

- Why? Because it's limited.

* The two choices you had were an 8$ movie or an 8$ pizza.

* The opportunity cost was 8$ and having 2$ left.