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Social Studies, 13.01.2022 09:40 tpsavage9755

Determine whether each of the following statements is true, false, or uncertain. Explain your answers. i. The opportunity cost of an activity is the total value of all the alternatives passed up.
ii. Opportunity cost is an objective measure of cost. When making choices, people gather all available information about the costs and benefits of alternative choices.
iii. A decision maker seldom knows the actual value of a forgone alternative and must base decisions on expected values.

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