Figure 1.3 -If You Have a Choice of Consuming Either Two Apples

question 76

Multiple Choice

Figure 1.3

-If you have a choice of consuming either two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is:

• A)two apples.
• B)three oranges.
• C)two apples and three oranges.
• D)two apples or three oranges, whichever you value more.
• E)the difference in the prices of the three options.

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Definitions:

Empirical Rule

A statistical principle that asserts in a normal distribution, almost all of the data is contained within three standard deviations from the mean.

Standard Deviations

Standard deviations are a measure of the amount of variation or dispersion in a set of values, indicating how much the values in a dataset deviate from the mean on average.

GMAT Scores

The results or scores obtained from taking the Graduate Management Admission Test, a standardized test for MBA admissions.

Standard Deviation

The standard deviation is a measure of the amount of variation or dispersion of a set of values.