Asked by
Shauna Perkins
on Dec 12, 2024
Verified
The highest valued alternative that must be given up in order to choose an option is called
A) opportunity cost.
B) utility.
C) scarcity.
D) disutility.
Opportunity Cost
The worth of the best alternative given up as a consequence of a decision made.
Utility
The subjective benefit or satisfaction a person expects from a choice or course of action.
Scarcity
The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of making choices.
- Gain insight into the concept of opportunity cost and its relevance in the context of decision-making.
Verified Answer
KS
Learning Objectives
- Gain insight into the concept of opportunity cost and its relevance in the context of decision-making.