The Highest Valued Alternative That Must Be Given Up in Order

question 46

Multiple Choice

The highest valued alternative that must be given up in order to choose an option is called the:

• A) opportunity cost.
• B) utility cost.
• C) scarcity expense.
• D) disutility option.

---

Definitions:

Halo Effect

A cognitive bias where the perception of one positive trait in an individual leads to the assumption of other positive traits or abilities.

Self-Serving Bias

A cognitive bias that involves attributing positive events to one's own character but attributing negative events to external factors.

Halo Effect

A mental shortcut where the general perception of an individual, corporation, brand, or product shapes the observer's emotions and opinions regarding that entity's attributes or qualities.

Attractive Faces

Facial features or characteristics that are considered aesthetically pleasing or beautiful according to social or cultural standards.