Under the Opportunity-Cost Approach, the Relevant Cost of Any Alternative

question 121

True/False

Under the opportunity-cost approach, the relevant cost of any alternative is the incremental of the alternative plus the opportunity cost of the profit foregone from choosing the alternative.

---

Definitions:

Seizure Of American Ships

describes the act of forcibly taking control of ships from the United States, typically by a foreign naval power.

British Control

The period or situations in history when Britain exerted governance or authority over other territories and colonies around the world through colonialism and imperialism.

Political Parties

Organizations that aim to gain and maintain political power by nominating candidates, running campaigns, and outlining policies to appeal to the electorate.

War Of 1812

Conflict fought between the United States and Great Britain from 1812 to 1815, largely over issues of trade restrictions and impressment of American sailors by the British Navy.