The Opportunity Cost of Any Decision Is the Forgone Value

question 152

True/False

The opportunity cost of any decision is the forgone value of the next best alternative that is not chosen.

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Definitions:

Categorical Syllogism

A form of deductive reasoning consisting of three parts: a major premise, a minor premise, and a conclusion, each of which is a categorical proposition.

Major Term

In a syllogism, the term that serves as the predicate in the conclusion and is also found in one of the premises.

Minor Term

In a syllogism, the term that is the subject of the conclusion, linking the major and minor premises.

Middle Term

In a syllogism, the term that appears in both premises but not in the conclusion, serving as a link between them.