The Opportunity Cost of an Action Is

question 94

Multiple Choice

The opportunity cost of an action is:

• A)​the value of the best foregone alternative.
• B)​the difference between the benefits that result and the expenses incurred as a result of the action.
• C)​the same as the expected benefit of the action.
• D)​the same for everyone who undertakes the action.

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Definitions:

Physical Assets

Tangible resources or possessions that have value and are owned by an individual or organization, such as buildings, machinery, or land.

Implements of Technology

The tools and devices developed from scientific knowledge used for practical purposes, especially in industry.

Differentiates Humans

Characteristics or qualities that distinguish humans from other species, including cognitive abilities, emotional complexity, and social behavior.

Members

Individuals who belong to a group, organization, or community, often sharing common goals, interests, or characteristics.