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:

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Decision Making

The cognitive process of selecting a course of action among several alternatives, often involving judgment, evaluation, and reasoning.

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Boss

A person who is in charge of a worker or organization and has the authority to make decisions and give orders.