Opportunity Cost Is Defined

question 196

Multiple Choice

Opportunity cost is defined

• A) only in terms of money spent
• B) as the value of all alternatives not chosen
• C) as the value of the best alternative not chosen
• D) as the difference between the benefits from a choice and the benefits from the next best alternative
• E) as the difference between the benefits from a choice and the costs of that choice

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Definitions:

World Wars

Major global conflicts involving many of the world's nations; notably, the two occurrences in the 20th century (1914-1918 and 1939-1945).

Corporate Greed

The pursuit of excessive profit by businesses at the expense of ethical standards, workers' rights, and the public good.

Globalization

The process of increased interconnectedness and interdependence of the world's markets and businesses.

American Culture

A complex blend of customs, traditions, beliefs, and values that characterize the social behavior and societal norms in the United States.