Pregunta
Optimal decisions are made based upon the concept of opportunity cost.
True
False
True
False
Ask by May Mullins. in the United States
Mar 21,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
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Optimal decisions consider the value of the best alternative given up, so the statement is True.
Solución
The statement “Optimal decisions are made based upon the concept of opportunity cost” is True.
Opportunity cost refers to the value of the next best alternative that is foregone when making a decision. Understanding opportunity costs helps individuals and businesses make informed choices that maximize their benefits and minimize their losses.
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True! The concept of opportunity cost is crucial in making optimal decisions. It refers to the value of the next best alternative that you forego when making a choice. By considering what you’re giving up, you can weigh options more effectively—whether you’re deciding between spending your time on studies or hanging out with friends. This helps ensure that your choices lead to the greatest benefit!
Additionally, opportunity cost isn’t just a financial concept; it applies to time, resources, and energy. For instance, if you decide to invest your time in a part-time job instead of taking an online course, your opportunity cost is the skills and knowledge you might have gained. This perspective can help you make decisions that align better with your long-term goals and satisfaction!
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