'the opportunity cost of using resources to produce one good instead of another good is its total cost.
The statement is true.
How much of one good is lost in order to gain more of the other is the opportunity cost of switching from one efficient combination of production to another.
When economists speak of a resource's "opportunity cost," they are referring to the value of the next-highest alternative use of that resource. For instance, if you spend time and money going to the movies, you are not allowed to use that time and money to watch a movie at home or buy something else.
Opportunity cost is the worth of what you give up while choosing between two or more options. It is a fundamental idea in both investment and life in general. Opportunity cost in investing is the sum of money you might have lost by buying one asset as opposed to another.
To learn more about opportunity cost visit:
https://brainly.com/question/13036997
#SPJ4
