According to Definitions in Your Textbook,when People Decide to Place

question 111

Multiple Choice

According to definitions in your textbook,when people decide to place bets on horse races,games of chance,and athletic events,what are they doing

• A) playing the odds
• B) making foolish decisions 
• C) making preference decisions
• D) making risky decisions

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Definitions:

Opportunity Cost

The cost of foregone alternatives; the value of the best alternative given up when a decision is made to choose one option over another.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs, representing the trade-off between different choices in the allocation of resources.

Opportunity Cost

Giving up possible gains from several options by choosing a particular one.

Bowed Outward

A description of the shape of a curve on a graph, such as the production possibilities frontier, indicating increasing opportunity costs.