The Opportunity Cost of an Action Is Always Equal To

question 173

Multiple Choice

The opportunity cost of an action is always equal to:

• A)​the monetary expense incurred as a result of the action.
• B)​the value of any alternative use of the time expended on the action.
• C)​the highest valued alternatives sacrificed as a result of the action.
• D)​the sum of the benefits received as a result of the action.

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Definitions:

Null Hypothesis

A statistical hypothesis that assumes no significant difference or effect exists within the data set being analyzed.

Familywise Error

Probability of making at least one Type I error across a set of comparisons.

Type I Errors

Mistakes made by falsely rejecting the null hypothesis when it is in fact true; also known as false positives.

Familywise Error

The overall likelihood that a Type I error (incorrect rejection of a true null hypothesis) will occur across a set of related hypotheses.