7. Opportunity Costs exist when (4 points) O Land, labor, and capital are too expensive
O People make choices about what to buy
O There are only a few sellers in the industry
O People enjoy buying very expensive things

People make choices about what to buy.

Explanation:

Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.

Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.

Hence, the opportunity cost of buying a product is the utility (satisfaction) that could be derived in another product using the same amount of money.

For example, if you decide to use your money to buy a Playstation 5, your opportunity cost would be the satisfaction you could have derived if you had invested the same amount of money in buying a bike for easy transportation.

Hence, opportunity costs exist when people make choices about what to buy.

can you give me more details?

explanation:

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the majority of cambodians living today were born after the khmer rouge was ousted in 1979 and some who survived can forget how bad it was. when khmer rouge forces seized phnom penh on april 17, 1975, the couple was living with eight of their children in a rural town called kampong chhnang.

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