(Solved): The opportunity cost of an action: 1) can be determined by considering both the benefits that fl ...

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.

can be determined by adding up the bills incurred as a result of the action. can be objectively determined only by economists. is a subjective valuation that can be determined only by the individual who chooses the action.