Pregunta
ons
tu03se11t.02.001
The opportunity cost of an action is:
a. the cost of all alternative actions that could have been taken, added together.
b. the monetary payment the action required.
c. the total time spent by all parties in carrying out the action.
d. the value of the best opportunity that must be sacrificed in order to take the action.
tu03se11t.02.001
The opportunity cost of an action is:
a. the cost of all alternative actions that could have been taken, added together.
b. the monetary payment the action required.
c. the total time spent by all parties in carrying out the action.
d. the value of the best opportunity that must be sacrificed in order to take the action.
Ask by Ingram Pierce. in the United States
Jan 24,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
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The opportunity cost is the value of the best alternative you give up when you choose to do something else.
Solución
The correct answer is:
d. the value of the best opportunity that must be sacrificed in order to take the action.
Explanation:
Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. It represents what you give up in order to pursue a particular action. It’s not the sum of all alternative costs (as in option a), nor just the monetary cost (option b), nor the total time spent (option c). Instead, it’s specifically the value of the most valuable alternative that you must sacrifice to undertake the chosen action.
Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. It represents what you give up in order to pursue a particular action. It’s not the sum of all alternative costs (as in option a), nor just the monetary cost (option b), nor the total time spent (option c). Instead, it’s specifically the value of the most valuable alternative that you must sacrifice to undertake the chosen action.
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Simplifique esta solución Extra Insights
The opportunity cost of an action is all about what you give up when you choose one option over another. Picture a delicious slice of chocolate cake calling your name while you’re on a diet. If you decide to indulge, the opportunity cost is the healthier choice you sacrificed for that scrumptious slice!
In real life, this concept is everywhere. Whether it’s choosing a job that pays well but offers less free time versus one that pays less but gives you evenings and weekends to spend with your family, understanding opportunity cost can help you make informed decisions that align with your priorities and values. So next time you’re faced with a choice, think about what you’re really giving up!
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