For every choice a person makes it can be assumed that
A) the chooser has full knowledge of the situation.
B) some opportunity cost was involved.
C) there is a fifty-fifty chance the choice was the wrong one.
D) a good is involved and satisfaction is gained.

Question

Quizplus · Accepted Answer

Opportunity cost is a fundamental concept in economics that refers to the cost of what you have to give up in order to choose something else. Whenever a choice is made, by definition, the next best alternative is forgone, which is the opportunity cost of the choice. Choices A, C, and D cannot be assumed for every decision as they depend on specific circumstances and do not apply universally to all decision-making scenarios.

For Every Choice a Person Makes It Can Be Assumed