Opportunity Cost Is the Amount of Increase or Decrease in Cost

question 92

True/False

Opportunity cost is the amount of increase or decrease in cost that would result from the best available alternative to the proposed use of cash or its equivalent.

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Definitions:

Diagonally Striped Pattern

A visual design featuring parallel stripes that slant diagonally across a surface.

Habituation

The process by which a person or animal becomes accustomed to a stimulus and responds less over time.

Habituation

A psychological learning process wherein there is a decrease in response to a stimulus after being repeatedly exposed to it.

Newborn Infant

An infant who is within the first hours to a few weeks of life, characterized by rapid development and adaptation to the external world.