The concept of opportunity cost is more applicable to society as a whole than it is for an individual household. True False

**Step 1: Understanding Opportunity Cost** Opportunity cost is defined as the value of the next best alternative foregone when a choice is made. This concept applies to any decision regarding the allocation of scarce resources. **Step 2: Application to Individual Households** Individual households constantly face trade-offs when making decisions, such as how to spend their income or time. When a household chooses one option, it gives up the opportunity to use those resources for something else. **Step 3: Application to Society as a Whole** Society as a whole also deals with scarce resources and faces trade-offs at a larger scale (e.g., how to allocate budget for public projects). The opportunity cost is just as relevant since societal decisions involve choosing between alternative uses of resources. **Step 4: Comparing the Applicability** The concept of opportunity cost is equally applicable to both individual households and society. For both, it is crucial to consider what is sacrificed when a particular decision is made. **Conclusion** The statement "The concept of opportunity cost is more applicable to society as a whole than it is for an individual household" is incorrect because opportunity cost is a fundamental economic concept that applies to both levels equally. **Final Answer:** False