The opportunity cost to you of an action is
a. how much you must pay for the opportunity to take the action.
b. the value to you of the next best action you could have taken.
c. the cost to society of giving you the opportunity to take the action.
d. the dollar cost to you of the action.
b
You might also like to view...
Refer to the scenario above. Which among the following is a possible outcome if the number of bidders decreases to 45?
A) There will be no change in the outcome of the auction. B) The optimal bid for Molly will now be $831.11. C) The optimal bid for Molly will now be $745. D) The optimal bid for Molly will now be $845.
If everyone could participate in the logrolling process at low cost, _____
a. then logrolling would allocate resources efficiently b. the political benefits to politicians would fall c. political exchange would no longer be important d. decision-making costs would be astronomical