An Opportunity Cost Is the

question 141

Multiple Choice

An opportunity cost is the

• A) lowest possible cost.
• B) highest possible cost.
• C) monetary price paid for a good or service.
• D) cost of a purchase or decision as measured by what is given up.
• E) cost of finding the lowest price for a product.

---

Definitions:

Collateral Contract

A secondary agreement made in addition to a primary contract, which induces a party to enter into the primary contract.

Leading Object Rule

A legal principle in contract law used to determine whether a promise is enforceable under the Statute of Frauds.

Parol Evidence Rule

A legal principle that prohibits the use of oral or extrinsic evidence to contradict, vary, or add to the terms of a written contract.

Collateral Promise

A secondary promise to pay another person's debt only if that person fails to pay.