The Opportunity Cost of an Action Is

question 90

Multiple Choice

The opportunity cost of an action is

• A) objective and will be the same for all individuals.
• B) a measure of the undesirable aspects involved in the action.
• C) applicable only to choices involving material goods like commodities.
• D) the highest valued alternative forgone as the result of choosing an option.

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Definitions:

B Data

Observational data about a person's behavior typically gathered in a natural environment.

Aggregation

The process of combining multiple pieces of data, information, or material to form a whole or summary.

Idiosyncrasies

Distinctive or peculiar features or characteristics of a person or thing, often related to behavior or habits.

Generalizable

The extent to which findings or conclusions from a study can be applied to wider populations, contexts, or circumstances.