The Principle of Opportunity Cost Is

question 12

Multiple Choice

The principle of opportunity cost is

• A) the opportunity cost of something is what someone sacrifices to get it.
• B) the satisfaction of obtaining the best next alternative.
• C) the choice someone has to make between two different goods.
• D) the cost of paying for something someone needs.

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Definitions:

Point Estimate

A single value that serves as the best guess or best estimate of a population parameter based on sample data.

Point Estimate

A single value given as the best guess or estimate representing a population parameter, based on sample data.

Proportion

A part, share, or number considered in comparative relation to a whole; a statistical measure often used to describe a characteristic of a sample.

Variability

The extent to which data points in a statistical distribution or dataset differ from the average or mean value.