The opportunity cost of a decision is the
A) value of the best alternative not chosen.
B) value of all the alternatives not chosen.
C) cost of making the wrong choice.
D) cost incurred by others who are unhappy with your decision.
A
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In order to fund industrywide advertising, managers of trade associations often try to charge the members that receive a lower marginal benefit from advertising ________.
A) a high fee B) the total cost of the advertising C) nothing D) a lower fee
If a bank does not have enough reserves, it can:
A. Buy bonds on the open market. B. Raise the interest rate it charges borrowers. C. Borrow reserves from the discount window. D. Make more loans.
When a positive externality is present in a market, the quantity consumed:
A. is the same as the socially optimal quantity. B. is often more than the socially optimal quantity. C. is less than the socially optimal quantity. D. is always more than the socially optimal quantity.
Fiat money is money by government decree.
Answer the following statement true (T) or false (F)