Asked by Andrea Mae Paguio on Sep 23, 2024
Verified
Decisions entail opportunity costs for paths not taken.
Opportunity Costs
The cost of choosing one option over another, typically the most valuable foregone alternative.
- Identify the innate restrictions and prejudices affecting human choices, including the phenomena of groupthink and the incorrect allocation of resources.
Verified Answer
SS
Santa-li Santanaabout 6 hours ago
Final Answer :
True
Explanation :
This statement is true. Whenever we make a decision, we have to give up the opportunity to do something else. This means that there is always an opportunity cost, or the value of the next best alternative that we could have chosen.
Learning Objectives
- Identify the innate restrictions and prejudices affecting human choices, including the phenomena of groupthink and the incorrect allocation of resources.