The Opportunity Cost of Watching Television Is

question 2

Multiple Choice

The opportunity cost of watching television is:

• A) all of the alternative programs that appear on other stations.
• B) zero because there is no money expenditure involved.
• C) the alternative use of the time foregone by watching the program.
• D) zero if it benefits you.

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Definitions:

Satisficing

A strategy in decision-making that focuses on achieving an acceptable or sufficient outcome, as opposed to the best possible solution.

Decision-Making Techniques

Methods or procedures applied to make choices among alternatives aimed at solving problems or achieving objectives.

Organizational Standards

Established benchmarks of quality or expectations for behavior and operations within an organization.

Escalating Commitment

The phenomenon where individuals or organizations continue to invest time, money, or resources into a failing course of action due to previously invested effort.