The Opportunity Cost of an Action Is the

question 79

Multiple Choice

The opportunity cost of an action is the

• A)monetary payment the action required.
• B)value of the most highly valued alternative action given up.
• C)cost of all alternative actions that could have been taken.
• D)none of the statements associated with this question are correct.

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Definitions:

Informal Rule Making

The process whereby regulatory agencies create and issue rules and regulations through methods that are less formal than traditional rulemaking processes, often involving public notice and comment.

Efficiency

The economic principle of getting the most output from the least input.

Administrative System

A framework or process through which organizations manage tasks, procedures, and structures to achieve objectives efficiently and effectively.

License Revocation

The cancellation or withdrawal of a license, removing the legal permission to engage in a regulated activity.