-The Opportunity Cost of an Extra Acoustic Guitar for Mark

question 2

Multiple Choice

-The opportunity cost of an extra acoustic guitar for Mark is

• A) 0.0625 fewer electric guitars.
• B) 8 fewer electric guitars.
• C) 16 fewer electric guitars.
• D) 20 fewer electric guitars.
• E) 30 fewer electric guitars.

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Definitions:

Extrinsic Motivation

Motivation driven by external rewards such as money, fame, grades, or praise, rather than internal satisfaction.

Relatedness Needs

Psychological needs that reflect the desire to feel connected to others, leading to feelings of belonging and acceptance.

Inequity

The lack of fairness or justice in situations, especially regarding treatment or distribution of resources.

Self-actualized

The state of realizing and fulfilling one's talents, potential, and capabilities, often considered the peak of personal development.