The Opportunity Cost of an Activity Is the Value Of

question 30

Multiple Choice

The opportunity cost of an activity is the value of:

• A) an alternative forgone.
• B) the next-best alternative forgone.
• C) the least-best alternative forgone.
• D) the difference between the chosen activity and the next-best alternative forgone.

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Definitions:

Functionally Necessary

Pertains to elements or processes essential for the operation or survival of a system.

High Rank Positions

Statuses or roles within an organizational or societal hierarchy that carry significant influence, power, or authority.

Kingsley Davis

An American sociologist and demographer known for his work on population theory and the study of human societies.

Wilbert Moore

A notable sociologist recognized for his work in role theory, social change, and the structures of modern societies.