The Opportunity Cost of a Decision Is Measured in Terms

question 102

Multiple Choice

The opportunity cost of a decision is measured in terms of

• A) sunk cost.
• B) the next best thing given up.
• C) the price of the alternative we choose.
• D) time.
• E) the price of a new opportunity that arises.

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Definitions:

Unconditioned Response

A natural, automatic reaction to a stimulus that occurs without prior learning or conditioning.

Conditioned Response

A learned reaction to a previously neutral stimulus that has become associated with an unconditioned stimulus through conditioning.

Operant Behaviors

Actions or behaviors that are influenced by their consequences, such as rewards or punishments.

Respondent Behaviors

Actions that are automatic responses to stimuli, typically reflexive and not under conscious control.