Opportunity Cost Is Best Defined as

question 304

Multiple Choice

Opportunity cost is best defined as

• A) how much money is paid for something.
• B) how much money and time it takes to consume something.
• C) the value of the highest-valued alternative that is forgone in making a choice.
• D) the total of all other alternatives that are forgone in making a choice.
• E) the sunk cost of any decision.

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Definitions:

Prejudice

Preconceived opinions or judgments about people or groups, often negative and not based on actual experience or facts.

Stereotype

A widely held but oversimplified belief or generalization about a particular group or type of person.

Mental Shortcut

Cognitive strategies or heuristics that simplify decision making by reducing complex problem-solving to simpler rules of thumb.

Rapid Mental Processing

The ability to quickly assimilate, analyze, and act upon information mentally.