The Opportunity Cost of an Action Is

question 192

Multiple Choice

The opportunity cost of an action is

• A) the monetary payment the action required.
• B) the total time spent by all parties in carrying out the action.
• C) the value of the best opportunity that must be sacrificed in order to take the action.
• D) the cost of all alternative actions that could have been taken, added together.

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Definitions:

Noise Pollution

Unwanted or harmful outdoor sound, including industrial, transportation, and recreational noises, that can disrupt daily life and harm health.

Stock Externalities

Environmental consequences of economic actions that affect the value of stocks and investments, not originally accounted for in the stock market.

Incremental Results

Outcomes or changes that are achieved step by step or gradually.

Externalities

Financial outcomes that impact third parties who are not directly involved, which can manifest as either advantageous or detrimental.