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What is the relationship between opportunity cost and decision-making?
What is the relationship between opportunity cost and decision-making?
- Opportunity cost is always a factor in decision-making (correct)
- Opportunity cost is only considered in business decision-making
- Opportunity cost has no impact on decision-making
- Opportunity cost is only considered in personal decision-making
Which of the following best defines opportunity cost?
Which of the following best defines opportunity cost?
- The benefit of an opportunity
- The cost of an opportunity
- The value of an opportunity
- The next best alternative given up (correct)
Which of the following is an example of opportunity cost?
Which of the following is an example of opportunity cost?
- Spending money on a vacation instead of saving it for retirement (correct)
- Spending money on a vacation and then losing money later
- Spending money on a vacation and also saving for retirement
- Spending money on a vacation and then earning more money later
What is the cost of an opportunity called?
What is the cost of an opportunity called?
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What does opportunity cost measure?
What does opportunity cost measure?
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What is the importance of considering opportunity cost in decision-making?
What is the importance of considering opportunity cost in decision-making?
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