Examples of Opportunity Costs Include

question 98

Multiple Choice

Examples of opportunity costs include:

• A)forgone contribution margin.
• B)lost sales.
• C)lower production.
• D)All of these answers are correct.

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Definitions:

Balance Theory

A theory in social psychology that explains how individuals maintain their attitudes and beliefs in harmony to avoid cognitive dissonance, focusing on triadic relationships between an individual, another person, and an object or idea.

Cognitive Dissonance

A psychological phenomenon involving discomfort experienced by an individual who holds contradictory beliefs, values, or attitudes simultaneously.

Observable Behavior

Observable behavior refers to actions or reactions that can be visually noticed and measured by others.

Social Psychology

The examination of the way real, perceived, or suggested presence of others affects people's mental processes, emotions, and actions.