If an Individual Can Earn $42 Per Hour and Chooses

question 6

Multiple Choice

If an individual can earn $42 per hour and chooses to exercise ten hours a week rather than work,what is the individual's opportunity cost of time per week?

• A)10 hours.
• B)$42
• C)$420
• D)All of the above are different ways of expressing the opportunity cost of time per week.
• E)None of the above.

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Definitions:

Decision-Making Process

The cognitive process leading to the selection of a course of action among several alternatives, often involving steps such as problem recognition and evaluation of alternatives.

Organizational Buying

The process through which formal organizations determine the necessity for products and services to be purchased, and assess and select from different brands and suppliers.

Problem Recognition

The initial step in the consumer decision process that occurs when a consumer identifies a need or problem that needs to be solved.

Alternative Evaluation

The stage in the consumer decision-making process where different products, brands, or options are assessed against set criteria.