The opportunity cost of an action is:
a. the value of the best foregone alternative
b. the difference between the benefits that result and the expenses incurred as a result of the action.
c. the same as the expected benefit of the action.
d. the same for everyone who undertakes the action.
a
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Pirates have been intensely attacking ships off the shore of Somalia this year. Boat owners have reportedly coughed up more than $30 million in ransom and insurance premiums have shot up
The pirate activity and increase in premiums means that the expected wealth of boat owners who sail near Somalia is ________. A) decreasing B) increasing C) staying the same D) decreasing only if they have insurance
The National Industrial Recovery Act (1933)
(a) did not permit businesses to set prices and production quotas. (b) established three advisory boards composed of government, Webb-Pomerene firms and members of the Federal Reserve System. (c) was thrown out by the Supreme Court in May 1935. (d) prohibited collective bargaining.