Opportunity Cost Is the Value of the Next Best Alternative

question 189

True/False

Opportunity cost is the value of the next best alternative that is given up.

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Definitions:

Industrialization

The development of industries in a country or region on a wide scale, transforming economies from agrarian to industrial.

Westward Expansion

The 19th-century movement of settlers into the American West, encouraged by ideas like Manifest Destiny, leading to the growth of new territories and states.

Thomas Edison

An American inventor and businessman who developed many devices that greatly influenced life around the world, including the phonograph and the electric light bulb.

Alternating Current

An electric current that periodically reverses direction, in contrast to direct current (DC) which flows only in one direction.