Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
True
B
False
C
It depends on the decision
D
Only applies to large investments
Understanding the Answer
Let's break down why this is correct
Answer
Opportunity cost is the concept that helps us understand what we give up when we make a choice. It is not just about money; it also includes things like time, effort, and personal happiness. For example, if you decide to spend an hour studying for a test instead of going out with friends, the opportunity cost is the fun and relaxation you miss by not going out. This means that when businesses make decisions, they should consider all the possible benefits and drawbacks, not just the financial ones. By doing this, they can make better choices that lead to more satisfaction and success in both their work and personal lives.
Detailed Explanation
Opportunity cost includes more than just money. Other options are incorrect because This answer suggests that only money matters; This answer implies that it varies, but opportunity cost always includes both money and non-monetary factors.
Key Concepts
Opportunity Cost
Economic Profit
Decision Making
Topic
Opportunity Cost in Profit Calculation
Difficulty
easy level question
Cognitive Level
understand
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