Opportunity cost can best be defined as
A) the interest cost of financing a business loan at the bank.
B) the value of all of the alternatives sacrificed.
C) the value of the next-highest-ranked alternative.
D) There is no real definition for opportunity cost.
C
Economics
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Refer to Figure 2-1. ________ is (are) inefficient in that not all resources are being used
A) Point A B) Point B C) Point C D) Points A and C
Economics
_____ is the only type of firm where it is possible for a person to hold all of the information that matters for all types of decisions
a. Corporation b. A firm where decision-making is centralized c. Sole proprietorship d. A firm where there is separation of ownership and management
Economics