The Opportunity Cost of an Activity Includes the Value Of

question 25

Multiple Choice

The opportunity cost of an activity includes the value of:

• A)all of the alternatives that must be forgone.
• B)the next-best alternative that must be foregone.
• C)the least-best alternative that must be foregone.
• D)the chosen activity minus the value of the next-best alternative.

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Definitions:

John Locke

A 17th-century English philosopher who is considered one of the first of the British empiricists; known for his theories of mind, knowledge, and politics.

Thomas Young

An accomplished British polymath recognized for his impactful work in vision, light, solid mechanics, energy, physiology, and language.

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The ability to differentiate objects, shapes, or forms based on visual characteristics.

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The ability to distinguish objects or shapes (figures) from their surrounding environment or background in visual perception.