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.

---

Definitions:

Cognitive Development

Refers to the process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding.

Piaget's Theory

A developmental theory proposed by Jean Piaget that outlines how children progress through four stages of cognitive development from infancy to adolescence.

Concrete Operational

Concrete operational stage is a phase in Piaget's theory of cognitive development, where children gain the ability to think logically about concrete, physical objects and events.

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding over the course of a human life.