The opportunity cost of an action is:
a. the monetary payment the action required.
b. the total time spent by all parties in carrying out the action.
c. the value of the best opportunity that must be sacrificed in order to take the action.
d. the cost of all alternative actions that could have been taken, added together.
c
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Which of the following macroeconomic variables is countercyclical?
A) Real interest rates B) Unemployment C) Money growth D) Consumption
Starting from a long-run equilibrium, a reduction in potential output leads to ________ gap in the short run and to a ________ rate of inflation in the long run.
A. a recessionary; higher B. an expansionary; higher C. an expansionary; lower D. a recessionary; lower
How do co payments and deductibles help contain health care costs?
What will be an ideal response?
Answer the following statement(s) true (T) or false (F)
1. The Good Samaritan Rule dictates that if a person witnesses a crime, they must assist the person against whom the crime is being committed. 2. It is always best to be the strong pig in Pigs in a Box. 3. For a Nash equilibrium to exist, at least one player must have a dominant strategy. 4. An outcome is not a Nash equilibrium if either player would be better off with a different strategy. 5. A player has a dominant strategy when there is one strategy the player would want to follow regardless of the other player's behavior.