The square’s diagonal equals the circle’s diameter 2r. Area of the square is (1/2) x diagonal² = (1/2) x (2r)² = 2r². Dividing by circle area πr² gives the ratio 2 / π ≈ 0.637.
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Inscribed equilateral triangle side is a = r√3. Triangle area is (√3/4) x a² = (√3/4) x 3r² = (3√3/4)r². Dividing by circle area πr² yields ratio (3√3) / (4π) ≈ 0.413.
Understanding opportunity cost forces decision-makers to evaluate the forgone alternative value before spending resources. It prevents reckless waste, maximizes overall utility and ensures limited time and capital deliver the greatest potential return.
The correct choice is (b) Opportunity cost. Selecting one option requires giving up the benefit of the other alternative, which precisely defines opportunity cost when managing limited financial resources against competing desires.
Pure market systems cause monopolies, extreme inequality and neglect public welfare, while pure planned systems stifle entrepreneurship, efficiency and individual freedom. A mixed economy balances market-driven growth with government social welfare safeguards.