The Opportunity Cost of a Purchase Is

question 5

Multiple Choice

The opportunity cost of a purchase is:

• A) zero if the item is what you want most.
• B) always equal to the selling price of what you purchased.
• C) always greater for people who are out of work than for people who are working.
• D) the alternative good or service that one sacrifices because a different good was purchased.
• E) the lowest possible price.

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Definitions:

Population Members

Individuals or items that make up the complete set being studied in a statistical analysis.

Population Members

The individuals or items that make up the entire group being studied in statistical analysis.

Selection Bias

A distortion of statistical analysis resulting from the method of collecting samples leading to an unrepresentative sample.

Target Population

The entire group about which researchers are interested in drawing conclusions or making generalizations, in a statistical study.