Multiple Choice
Which statement represents a rational application of opportunity cost?
A) The value of the choice must be greater than or equal to the cost of the next-best alternative.
B) The value of the next-best alternative must be greater than or equal to the cost of the choice.
C) Opportunity cost is useful for evaluating a decision after the fact,but not during the decision-making process.
D) The value of the choice must be greater than the sum of all available alternatives.
E) The value of the next-best alternative is irrelevant since the alternative was not selected.
Correct Answer:
Verified
Correct Answer:
Verified
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