The Opportunity Cost of Choosing an Alternative

question 69

Multiple Choice

The opportunity cost of choosing an alternative

• A) is the value of the highest valued alternative forgone as the result of the choice.
• B) includes only the amount of time spent on whatever is chosen.
• C) includes only the money cost of the option.
• D) is irrelevant for most choices individuals face.

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Definitions:

Big Five

A model in psychology that outlines five major dimensions of human personality traits: Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism.

Emotional Stability

A personality trait characterized by the consistency of one's emotional state and a low propensity to experience negative emotions under stress.

Openness

A quality of being willing to consider new ideas, experiences, and information without prejudice.

Extended Family

A family structure that goes beyond the nuclear family to include other relatives such as grandparents, aunts, uncles, and cousins.