The Opportunity Cost of Doing or Getting Something Is Defined

question 398

Multiple Choice

The opportunity cost of doing or getting something is defined as

• A) the difference between the marginal cost and benefit of doing something.
• B) the materials used in doing or getting something.
• C) the value of the best alternative that is given up in order to do or get something.
• D) the money spent in doing or getting something.

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Definitions:

Blank Slates

The idea that individuals are born without built-in mental content and that therefore all knowledge comes from experience or perception.

Aware Of Surroundings

The state or quality of being conscious or cognizant of the environment and situation in which one is positioned.

Personal Construct Theory

A psychological theory of personality development that suggests people develop personal constructs about how the world works, influencing their perceptions, thoughts, and actions.

Construct Reality

Construct reality refers to the idea that our perceptions of the world are shaped by our social experiences and cognitive processes, rather than direct reflections of objective reality.