What Is the Opportunity Cost of an Action Equal To

question 197

Multiple Choice

What is the opportunity cost of an action equal to?

• A) the highest valued opportunity that must be sacrificed in order to take the action
• B) the value of all of the alternative actions that could have been taken
• C) the total time spent by all parties in carrying out the action
• D) the monetary payment the action required

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Definitions:

Gratification

The state of being satisfied or receiving pleasure from something, often linked with the fulfillment of desires or needs.

Pleasure Seeking

The motivation or action taken with the primary goal of achieving personal gratification or enjoyment.

Ego

In psychoanalytic theory, the part of the personality that mediates between the demands of the id, the superego, and reality.

Id

In psychoanalytic theory, the part of the psyche that is the source of instinctual impulses and demands for immediate satisfaction of primitive needs.