Final answer:
Opportunity cost is the consideration of what is given up when a choice is made, and it applies to all of the options provided: choosing law school over business school, doing nothing with beneficial alternatives available, and implementing new safety regulations that have potential cost implications.
Step-by-step explanation:
The concept of opportunity cost involves considering what you give up when you make a choice. For instance:
- Choosing to go to law school rather than business school involves an opportunity cost because you are giving up the potential benefits of attending business school.
- Doing nothing can also involve opportunity cost if there was a beneficial alternative action you could have taken.
- New airline safety regulations might involve opportunity costs if they lead to increased costs for airlines, which may result in higher ticket prices or reduced service.
- Therefore, the correct answer is d. all of the above.