The highest valued alternative that must be given up in order to choose an option is called the:
a. opportunity cost. b. utility cost.
c. scarcity expense. d. disutility option.
Question 2
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.
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