The Opportunity Cost of an Action Is

question 192

Multiple Choice

The opportunity cost of an action is

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

---

Definitions:

Simple Random Samples

A sample where each member of the population has an equal chance of being selected.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, central to inferential statistics for estimating population parameters.

Center

In statistics, the central tendency of a dataset, which is a measure that seeks to define the most typical or representative value of the dataset, like the mean, median, or mode.

Sampling Variability

The extent to which the statistic obtained from different samples for the same population varies.