What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. a. b. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. d. C. Opportunity cost is a cost associated with the allocation of abundant resources among alternative uses. Opportunity cost is a monetary measure of cost that takes into account only explicit costs, or costs that can be counted. e.

What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. a. b. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. d. C. Opportunity cost is a cost associated with the allocation of abundant resources among alternative uses. Opportunity cost is a monetary measure of cost that takes into account only explicit costs, or costs that can be counted. e.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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