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.

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Definitions:

Default Option

A pre-selected choice among a set of options that will be applied if no alternative is specified by the decision-maker.

Action

The act of doing something or taking steps towards achieving an outcome.

Reactance

An encouraging response to incentives, personalities, standards, or rules that risk or nullify specific behavioral liberties.

Advertisement

A public announcement in a variety of formats designed to promote a product, service, or event to influence consumer behavior.