Rational decision making must always be based on the concept of opportunity cost.

Name: Rational decision making must always be based on the concept of opportunity cost.
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Question

Quizplus · Accepted Answer

Rational decision making involves weighing the potential benefits and costs of different options. Opportunity cost is the cost of passing up the next best alternative when making a decision. Therefore, considering opportunity cost is an essential aspect of rational decision making.

Rational Decision Making Must Always Be Based on the Concept