Which of the Following Phrases Most Accurately Describe Opportunity Cost

question 14

Multiple Choice

Which of the following phrases most accurately describe opportunity cost?

• A)the cost incurred to gain the opportunity to make a sale
• B)the benefit gained by choosing a certain course of action
• C)the benefit given up by not choosing an alternative course of action
• D)costs which have been incurred in the past

---

Definitions:

Formal Operational

A stage in Piaget's theory of cognitive development where individuals are able to think abstractly and reason logically.

Socially Deprived Monkeys

Refers to monkeys that have been subjected to isolation or lack of social interaction, leading to extensive psychological and physical abnormalities, studied in ethology and psychology.

Mating Difficulty

Challenges or obstacles faced by individuals or species in finding a suitable partner for reproduction.

Fear or Aggression

Emotional or behavioral responses directed toward threats and challenges, potentially leading to defensive or offensive actions.