What an Economic Decision Maker Must Give Up When Choosing

question 51

Multiple Choice

What an economic decision maker must give up when choosing one economic activity over others is known as the

• A) alternative cost
• B) decision cost
• C) foregone cost
• D) opportunity cost
• E) accounting cost

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Definitions:

Types of Utility

The different ways in which goods or services can provide value to consumers, including form, time, place, and possession utility.

Ideal Expectation

The highest or most perfect level of expectation that consumers hold regarding a product or service and its performance.

Minimum Tolerable Expectation

The lowest level of performance or outcome that is acceptable to stakeholders or within a certain context.

Wii U

A home video game console developed by Nintendo, known for its unique gamepad and a blend of handheld and console gaming features.