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Question
because of limited money, time, and effort, individuals should: make decisions that society as a whole would want. maximize opportunity costs. constantly assess the opportunity costs of choices. minimize total monetary cost.
Opportunity cost is the value of the next - best alternative forgone. With limited resources like money, time, and effort, individuals should constantly assess opportunity costs to make the best decisions. Making decisions for society is not always practical given individual limitations. Maximizing opportunity costs is counter - productive. Minimizing total monetary cost ignores non - monetary opportunity costs.
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constantly assess the opportunity costs of choices.