The Principle of ________ Is That the Economic Cost of Using

question 195

Multiple Choice

The principle of ________ is that the economic cost of using a factor of production is the alternative use of that factor that is given up.

• A)marginal cost
• B)opportunity cost
• C)normative economics
• D)entrepreneurship

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Definitions:

Recognition

The ability to identify previously encountered material.

Relearning

The process of learning material or skills that were previously learned and then forgotten, which typically takes less time than the initial learning.

Recall

The act of retrieving information or memories from the past, an important aspect of cognitive function.

Three-Box Model

A model of memory that suggests information is processed through three stages: sensory, short-term, and long-term memory.