The opportunity cost of an action: 1) can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action. 2) can be determined by adding up the bills incurred as a result of the action. 3) can be objectively determined only by economists. 4) is a subjective valuation that can be determined only by the individual who chooses the action.

The opportunity cost of an action: 1) can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action. 2) can be determined by adding up the bills incurred as a result of the action. 3) can be objectively determined only by economists. 4) is a subjective valuation that can be determined only by the individual who chooses the action.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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