How Is Opportunity Cost Defined

question 64

Multiple Choice

How is opportunity cost defined?  

• A) as the value of all alternatives NOT chosen 
• B) as value of the best alternative NOT chosen 
• C) as the difference between the benefits from a choice and the benefits from the next best alternative 
• D) as the difference between the benefits from a choice and the costs of that choice

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Definitions:

Erik Erikson

A developmental psychologist known for his theory on the psychosocial development of humans, outlining eight stages from infancy to adulthood.

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The phenomenon in which minority children indicate preferences for majority values or people.