The Opportunity Cost of an Activity Is Best Measured

question 107

Multiple Choice

The opportunity cost of an activity is best measured

• A)only by the monetary costs
• B)by the number of alternative activities that were forgone
• C)by the cost difference between the chosen activity and the next best alternative
• D)by the value expected from the best alternative that is forgone
• E)as the time wasted choosing among various activities

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Definitions:

Experiments

A method of scientific investigation involving the manipulation of variables to test a hypothesis and observe the effects, often used to establish cause-and-effect relationships.

Representative

Someone or something that serves as a typical example of a group, class, or quality.

Experimenter Effects

Unintended influences that the experimenter's presence or actions may have on the results of an experiment.

Single-blind Studies

Experimental studies in which the participants do not know which experimental group they belong to (e.g., control or treatment), but the researchers do.