Asked by
Parul Sharma
on Dec 12, 2024
Verified
The opportunity cost of an action is
A) the monetary payment the action required.
B) the total time spent by all parties in carrying out the action.
C) the value of the best opportunity that must be sacrificed in order to take the action.
D) the cost of all alternative actions that could have been taken, added together.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing to use resources in one way rather than another.
Sacrificed Action
An act of giving up something valued for the sake of something else regarded as more important or worthy.
- Comprehend the notion of opportunity cost and its importance in making decisions.
Verified Answer
SP
Learning Objectives
- Comprehend the notion of opportunity cost and its importance in making decisions.