Opportunity cost is best defined as ☐ a. the opportunity to earn a profit that is greater than the one currently being made. ○ b. the amount that is given up when choosing an activity that is not as good as the next best alternative. ○ c. the amount given up when choosing one activity over the next best alternative. ○ d. the amount given up when choosing one activity over all other alternatives.
Opportunity cost is best defined as ☐ a. the opportunity to earn a profit that is greater than the one currently being made. ○ b. the amount that is given up when choosing an activity that is not as good as the next best alternative. ○ c. the amount given up when choosing one activity over the next best alternative. ○ d. the amount given up when choosing one activity over all other alternatives.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Opportunity cost is best defined as
☐ a. the opportunity to earn a profit that is greater than the one currently being made.
○ b. the amount that is given up when choosing an activity that is not as good as the next
best alternative.
○ c. the amount given up when choosing one activity over the next best alternative.
○ d.
the amount given up when choosing one activity over all other alternatives.
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