Opportunity Cost of an Action Is

question 130

Multiple Choice

Opportunity cost of an action is

• A)the best choice that can be made.
• B)the highest-valued alternative forgone.
• C)the money cost.
• D)the comparative cost.
• E)the absolute cost.

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Definitions:

Competitive Environment

The dynamic external system in which businesses compete for resources, customers, and market share.

Job Scheduling

The process of allocating resources to tasks over time, aiming to optimize performance measures such as minimizing completion time or maximizing utilization.

Strategy Change

The process of modifying the strategic direction of an organization, including changes in products, services, audience, or business model, to adapt to internal or external conditions.

Global Environment

The aggregate of climatic, biological, economic, and cultural conditions affecting collective and individual human life on a global scale.