The Opportunity Cost of Any Action Is

question 66

Multiple Choice

The opportunity cost of any action is

• A) all the possible alternatives given up.
• B) the highest-valued alternative given up.
• C) the benefit from the action minus the cost of the action.
• D) the dollars the action cost.

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Definitions:

Arithmetic Mean

A measure of central tendency calculated by adding a set of numbers and dividing the sum by the count of those numbers.

Variability

The extent to which data points in a statistical distribution or set differ from each other and from their average.

Descriptive Statistics

Statistical methods that summarize and organize data to describe its main features, often through the use of charts, graphs, and summary measures.

Significance Test

A statistical method used to determine if the results of an experiment are likely to be due to chance or if they are significant.