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2. An opportunity cost is entailed in which of the
following situations?
a.
b.
c.
d.
e.
i.
ii.
A student decides to attend college full-time
A family uses its $20,000 savings to purchase an
automobile
iii. A farmer decides to grow more wheat and less
corn
I only
Il only
Ill only
I and III only
I, II, and III