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Module Progress: Introduction to Economics

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Demand, Supply, and Market Equilibrium

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Introduction to Economics

question 1 of 5 course: Bachelor of Science in Health Services Management and Planning

Q: What is opportunity cost?

The cost of producing one more unit
The difference between revenue and cost
The price paid for a good or service
The value of the best forgone alternative

Did You Know?

True. Market failure happens when markets on their own don't lead to the best outcomes for society. Common causes include externalities, public goods, monopoly power, and information problems.

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Did You Know?

True. Market failure happens when markets on their own don't lead to the best outcomes for society. Common causes include externalities, public goods, monopoly power, and information problems.

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