Which statement best defines scarcity and opportunity cost in environmental conservation?

Which statement best defines scarcity and opportunity cost in environmental conservation?

• A. Scarcity means resources are unlimited relative to wants; opportunity cost is the value of the next-best alternative forgone when choosing a resource allocation, including environmental trade-offs.
• B. Scarcity means resources are limited relative to wants; opportunity cost is the value of the next-best alternative forgone when choosing a resource allocation, including environmental trade-offs.
• C. Scarcity means demand exceeds supply; opportunity cost is the monetary price.
• D. Scarcity applies only to non-renewable resources.

Answer: (B)