The Opportunity Cost of Any Action Is

question 66

Multiple Choice

The opportunity cost of any action is

• A) all the possible alternatives given up.
• B) the highest-valued alternative given up.
• C) the benefit from the action minus the cost of the action.
• D) the dollars the action cost.

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Definitions:

Insensitivity To Change

The failure to notice changes in one's environment or within a specific context, often because of gradual or subtle changes.

Evaluative Conditioning

A stimulus will become more liked or less liked when it is consistently paired with stimuli that are either positive or negative.

Spreading Attitude Effect

A liked or disliked person (or attitude object) may affect not only the evaluation of a second person directly associated but also others merely associated with the second person.

Automatic Activation

According to Fazio, attitudes that have a strong evaluative link to situational cues are more likely to automatically come to mind from memory.