A. reduction in spending in the face of competing alternative
B. allocation of resources to alternative uses
C. economic behaviour of small units like the household and the firm
D. the study of economic aggregates like inflation and national income

Correct Answer:

Option B – allocation of resources to alternative uses

SEE ALSO  If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?

Copyright warnings! Do not copy.