The Opportunity Cost of an Activity Is

question 24

Multiple Choice

The opportunity cost of an activity is

• A)zero if you choose the activity voluntarily
• B)the amount of money spent on the activity
• C)the value of the best alternative not chosen
• D)the sum of benefits from all of the sacrificed alternatives
• E)the difference between the benefits and the costs of that activity

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Definitions:

Normative

Pertaining to norms or standards, often involving rules or guidelines that dictate correct or expected behavior within a society or group.

Informational

In marketing, this term often relates to messages or media that provide consumers with factual data and details about a product's benefits, features, or usage.

Bandwagon Effect

The tendency for people to adopt certain behaviors, styles, or attitudes simply because others are doing so, often used in marketing to drive product popularity.

Cultural Pressure

The influence exerted by society on individuals to adopt certain behaviors, norms, or practices, often to conform to societal standards.