The Opportunity Cost of an Action

question 33

Multiple Choice

The opportunity cost of an action:

• A) can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action.
• B) can be determined by adding up the bills incurred as a result of the action.
• C) can be objectively determined only by economists.
• D) is a subjective valuation that can be determined only by the individual who chooses the action.

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Definitions:

Individual

A single human being as distinct from a group, class, or family.

Betting Habit

describes the tendency of an individual to frequently gamble or make bets.

Middle-Aged Adults

Persons typically between the ages of 40 and 65, often experiencing significant life transitions and re-evaluations of life goals and achievements.

Elderly Parents

Older individuals who are in the later stages of their lives, often requiring additional care, respect, and consideration from their children or caregivers.