The Opportunity Cost of an Action Is Equal To

question 60

Multiple Choice

The opportunity cost of an action is equal to:

• A)the monetary payment received for the action.
• B)the total time spent by all parties in carrying out the action.
• C)the highest valued opportunity that must be sacrificed in order to take the action.
• D)the value of all of alternative actions that could have been taken.
• E)zero if the action yields an income.

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Definitions:

Milgram's Subjects

Participants in Stanley Milgram's experiments on obedience, demonstrating the powerful influence of authority on individual actions.

Mild Shock

A low-intensity electrical shock, often used in psychological experiments to safely simulate stress or discomfort without causing actual harm to participants.

Group Dynamics

The study of the behavioral and psychological processes affecting the behavior and development of groups.

Milgram Experiment

A series of social psychology experiments conducted by Stanley Milgram, measuring the willingness of study participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.