Which of the Following Statements Best Describes Opportunity Costs

question 104

Multiple Choice

Which of the following statements best describes opportunity costs?

• A) The opportunity cost of attending college is the same for all students at the same university but may differ among students at different universities.
• B) Some economic decisions have zero opportunity cost.
• C) The opportunity cost of a decision is the value of the best forgone alternative.
• D) The opportunity cost of a decision is equal to the explicit cost in monetary terms.

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Definitions:

Nonnormative History-Graded

This term describes events or influences that do not follow a normal or expected chronological progression but are shaped by historical contexts.

Technological Developments

Progress or advancements in technology and its applications affecting various aspects of life.

Normative History-Graded

Influences that are experienced by a specific culture or generation, affecting individuals in a similar manner across that group.

Normative Age-Graded

Pertains to the typical or expected life events that occur at certain ages, shaped by cultural, social, and biological factors.