The Opportunity Cost of an Alternative

question 120

Multiple Choice

The opportunity cost of an alternative

• A) includes only the direct monetary cost of whatever is chosen.
• B) is subjective and can only be determined by the person who chooses the alternative.
• C) is the value of all alternatives that must be forgone as the result of the choice.
• D) is relevant only in cases where the choice involves alternatives that would be considered undesirable.

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Definitions:

Positive Reinforcement

The addition of a rewarding stimulus following a behavior, intended to increase the likelihood of that behavior reoccurring.

Behaviorism

A branch of psychology that focuses on (relatively) simple explanations for outward behavior and is unconcerned with the inner workings of the mind.

Social Learning Theory

Social learning theory proposes that new behaviors can be acquired by observing and imitating others, highlighting the importance of social influences on learning.

Psychoanalysis

The study of the dynamics of the mind developed by Sigmund Freud.