Ask Question
20 August, 19:32

Determine whether each of the following statements is true, false, or uncertain. Explain your answers. A decision maker seldom knows the actual value of a forgone alternative and must base decisions on expected values.

+5
Answers (1)
  1. 20 August, 20:32
    0
    a) FALSE: the opportunity cost of an activity is the total value of all of the alternatives passed up

    b) FALSE: OC is a subjective measure of cost - only the individual can estimate the expected costs/benefits himself

    c) FALSE: Info is only gathered if the expected benefits from gatherings info exceeds the costs of getting the expected costs - people normally make choices based on limited and incorrect info because of convenience

    d) TRUE: you can guess you will enjoy a movie and then find it too violent for your tastes

    Explanation:

    Opportunity cost is commonly known as the alternative option to a particular activity. It is necessary to collect as many vital information as possible. It is important to collect information for business purpose and personal reasons. A movie can be interesting and at the same time, contains horror violent scenes.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Determine whether each of the following statements is true, false, or uncertain. Explain your answers. A decision maker seldom knows the ...” in 📘 Engineering if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers