What Is the Opportunity Cost of an Action Equal To

question 197

Multiple Choice

What is the opportunity cost of an action equal to?

• A) the highest valued opportunity that must be sacrificed in order to take the action
• B) the value of all of the alternative actions that could have been taken
• C) the total time spent by all parties in carrying out the action
• D) the monetary payment the action required

---

Definitions:

Formal Operations

In Piaget’s terms, mental operations in which all possible combinations are considered in solving a problem. Consequently, each partial link is grouped in relationship to the whole; in other words, reasoning moves continually as a function of a structured whole.

Appearance/Reality Distinctions

The cognitive ability to differentiate between how things appear and how they actually are.

Three-Year-Olds

Refers to children at the age of three, a development stage characterized by rapid growth in language, social interaction, and cognitive skills.

Answer Incorrectly

The act of providing a solution or response that does not accurately address or resolve the question or problem posed.