Why Would It Be a Mistake to Treat Opportunity Costs

question 121

Multiple Choice

Why would it be a mistake to treat opportunity costs and explicit monetary costs as identical?

• A)Because sometimes the market does not function well.
• B)Because opportunity costs are different for different goods.
• C)Because there are trade-offs involved in any decision.
• D)Because of existence of efficient markets.

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Definitions:

Gastropods

A class of mollusks typically having a one-piece coiled shell and including snails, slugs, and whelks, which are primarily marine, but also found in freshwater and terrestrial environments.

Gastrovascular Cavity

A central cavity in certain simple organisms, such as cnidarians, serving both digestive and circulatory functions.

Tentacle

Flexible, often elongated appendages found in some animals, like octopuses and jellyfish, used for sensation, locomotion, and feeding.

Cnidarians

Cnidarians are a phylum of aquatic invertebrates that include jellyfish, corals, and sea anemones, characterized by a simple body plan with a mouth surrounded by tentacles.