When We Choose a Particular Option, We Must Give Up

question 434

Multiple Choice

When we choose a particular option, we must give up alternative options. The highest-valued alternative forgone is the ________ of the option chosen.

• A) opportunity cost
• B) comparative advantage
• C) nonmonetary cost
• D) absolute advantage

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Definitions:

Molluscs

Invertebrates including squids, clams, snails, and chitons; characterized by a visceral mass, a mantle, and a foot.

Visceral Mass

Internal organs of an organism; typically includes components of the digestive, reproductive, and urinary systems (if present).

Mantle

In mollusks, an extension of the body wall that covers the visceral mass and may secrete a shell.

Mollusca

A large phylum of invertebrate animals that includes snails, slugs, mussels, and octopuses, characterized by a soft body that in many species is enclosed by a hard shell.