The Opportunity Cost of an Action Is Equal To

question 100

Multiple Choice

The opportunity cost of an action is equal to:

• A) the monetary expense incurred as a result of the action.
• B) the value of any alternative use of the time expended on the action.
• C) the highest valued alternative sacrificed as a result of the action.
• D) the sum of the benefits received as a result of the action.

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Definitions:

Existential Generalization

A logical inference rule stating that if some predicate holds for at least one thing, then there exists something for which that predicate holds.

Universal Instantiation

A logical rule of inference that allows for the deduction of specific instances from a universally quantified statement.

Existential Instantiation

A logical principle where from a general statement, one can infer the existence of at least one particular instance.

Universal Generalization

Universal generalization is a logical principle that allows one to infer that something is true for all members of a class from its being true for every observed member.