The Opportunity Cost of a Purchase Is

question 5

Multiple Choice

The opportunity cost of a purchase is:

• A) zero if the item is what you want most.
• B) always equal to the selling price of what you purchased.
• C) always greater for people who are out of work than for people who are working.
• D) the alternative good or service that one sacrifices because a different good was purchased.
• E) the lowest possible price.

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Definitions:

Punishment

A consequence that reduces the likelihood of the behavior it follows.

Variable-ratio Schedule

A reinforcement strategy in which a response is rewarded after an unpredictable number of responses, often used in gambling.

Response Rate

The proportion of people who respond to a specific call-to-action, questionnaire, or experiment out of the total number solicited.

Punishment

A process through which the likelihood of a behavior's occurrence is decreased by presenting an adverse stimulus or removing a desirable stimulus following the behavior.