Opportunity Cost Is Measured in Dollar Terms, Rather Than in Terms

question 107

True/False

Opportunity cost is measured in dollar terms, rather than in terms of real goods and services.

---

Definitions:

Resistance to Change

The opposition or pushback encountered when individuals or organizations face alterations in their normal procedures or ways of doing things.

Feedback

Information provided about the outcome of a process or performance of a task, intended as a basis for improvement.

Consumer Surplus

The split between the comprehensive sum consumers are prepared to offer for a good or service and the sum they truly pay.

Demand Curve

A graphical representation that illustrates the relationship between the price of a good and the quantity of it that consumers are willing to buy.