In economics, the chances of loss that may result in loss, no change, or gain are best described as:

• A. Scarcity
• B. Utility
• C. Risk
• D. Opportunity cost

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the key terms given in the problem: Scarcity, Utility, Risk, and Opportunity Cost. Each term has a specific meaning in economics.
2. Step 2: Define Scarcity: It refers to the limited nature of resources relative to unlimited wants, not related to chances of loss or gain.
3. Step 3: Define Utility: It is the satisfaction or benefit derived from consuming a good or service, not about chances of loss or gain.
4. Step 4: Define Opportunity Cost: It is the value of the next best alternative foregone when making a choice, again not about chances of loss or gain.
5. Step 5: Define Risk: It refers to the uncertainty regarding outcomes that may result in loss, no change, or gain, which matches the description in the problem.