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Which of the following statements about opportunity costs is TRUE?

I. The opportunity cost of a given action is equal to the value foregone of all feasible alternative actions.
II. Opportunity costs only measure direct out-of-pocket expenditures.
III. To calculate accurately the opportunity cost of an action, we need to first identify the next best alternative to that action.


a) III only
b) I and III only
c) II only
d) None of thes



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