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In the context of the text, what does 'opportunity cost' refer to?
In the context of the text, what does 'opportunity cost' refer to?
- Making friends and learning new information
- Actions that lead to longer sleep
- What is gained by making a particular choice
- The value of any alternative given up when making a choice (correct)
What is meant by 'opportunity benefit' according to the text?
What is meant by 'opportunity benefit' according to the text?
- Achieving your diploma and making parents proud
- Watching TV and playing video games
- What is gained by making a particular choice (correct)
- The value of alternatives given up when making a choice
When going from combination X to combination Y, which area represents the opportunity benefit?
When going from combination X to combination Y, which area represents the opportunity benefit?
- H (on the Books axis)
- W (on the Movies axis) (correct)
- X (on the Books axis)
- H (on the Movies axis)
If you are moving from combination Y to combination X, which area reflects the opportunity cost?
If you are moving from combination Y to combination X, which area reflects the opportunity cost?
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