Asked by
Amanda Jones
on Oct 13, 2024
Verified
Which of the following statements about the concept of opportunity cost is true?
A) The opportunity cost of a decision only includes monetary outlays.
B) The opportunity cost of a decision is the next best foregone alternative.
C) Some decisions have zero opportunity cost.
D) The opportunity cost of a college education is measured by the payments for tuition and books.
Opportunity Cost
Waiving prospective gains from various alternatives by settling on one option.
Foregone Alternative
The option or course of action that is given up when another is chosen; closely related to the concept of opportunity cost.
- Absorb the foundational concept of opportunity cost and its application in making informed decisions.
Verified Answer
KE
Learning Objectives
- Absorb the foundational concept of opportunity cost and its application in making informed decisions.