The Opportunity Cost of Any Decision Is the Forgone Value

question 152

True/False

The opportunity cost of any decision is the forgone value of the next best alternative that is not chosen.

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Definitions:

Shaping

A method of behavior modification that uses rewards to gradually guide an individual's actions toward a desired behavior.

Classical Conditioning

A teaching mechanism where learning arises from the pairing of an environmental cue with a naturally presenting stimulus, leading to a trained reaction.

Negative Reinforcement

A process in behavior modification where the removal of an unpleasant stimulus strengthens a behavior.

Cumulative Recorder

A device used in behavioral psychology to record the frequency of behavior over time, visually displaying the accumulation of responses.