The Opportunity Cost of an Action

question 48

Multiple Choice

The opportunity cost of an action:

• A)is equal to the marginal cost of an action
• B)is equal to explicit cost
• C)is equal to the next best alternative forgone
• D)is the total cost of an action

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Definitions:

Bar Charts

Graphical representations of data using bars of different lengths or heights to compare values across categories.

Pie Charts

A type of graph in which a circle is divided into sectors that each represent a proportion of the whole.

Nominal Data

Data classified into categories that cannot be ordered or ranked, used for labeling variables without a quantitative value.

Frequency

The number of times an event or value occurs in a dataset, often represented in a frequency distribution table or histogram.