Opportunity Cost Is Defined

question 196

Multiple Choice

Opportunity cost is defined

• A) only in terms of money spent
• B) as the value of all alternatives not chosen
• C) as the value of the best alternative not chosen
• D) as the difference between the benefits from a choice and the benefits from the next best alternative
• E) as the difference between the benefits from a choice and the costs of that choice

---

Definitions:

Mental Incapacity

A condition where an individual is unable to understand the nature and consequences of decisions, thereby lacking the ability to make sound decisions, often considered in legal contexts regarding contracts and consent.

Disaffirmance

The act of denying, rejecting, or declaring void a contract or agreement, particularly by a minor.

Contractual Obligations

The specific duties, actions, or tasks that parties must perform as outlined in a contract.

Disaffirm

the legal right, often associated with minors, to renounce or void a contract or agreement, under certain conditions, to protect from exploitation or unfair terms.