The Highest Valued Alternative That Must Be Given Up in Order

question 50

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) accounting cost.

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Definitions:

Early Supporters

Individuals or groups that first back or endorse a new idea, project, or innovation.

Evolution

The process through which populations of organisms change over generations, driven by mechanisms such as natural selection and genetic drift.

Chordate

A member of a diverse phylum of animals that includes the vertebrates, lancelets, and tunicates. As embryos, chordates all have a notochord (a hollow nerve cord), pharyngeal gill slits, and a post-anal tail. Many present-day chordates lose or modify these structures as they develop into adults.