Opportunity Cost Is the Difference Between the Benefits and the Costs

question 8

True/False

Opportunity cost is the difference between the benefits and the costs of a choice.

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Definitions:

Dentist Appointment

A scheduled visit to a dental care professional for the examination, diagnosis, prevention, or treatment of oral health issues.

Cognitive Misers

A term referring to the tendency of humans to avoid expending effort and resources when thinking and to prefer simple and less effortful ways of processing information.

Automatic Modes

Processes in the brain that occur without conscious thought, often as habitual responses or reactions to certain stimuli.

Conserve Effort

The tendency to reduce the amount of mental or physical energy expended on tasks, often by relying on heuristics or shortcuts.