The Opportunity Cost of Any Factor of Production Is

question 83

Multiple Choice

The opportunity cost of any factor of production is

• A)its explicit cost.
• B)the money actually paid to the factors of production.
• C)the benefit forgone by not using it in its worst alternative.
• D)its accounting cost.
• E)the benefit forgone by not using it in its best alternative.

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Definitions:

School Hours

The specific hours of the day during which formal education is provided to students at an educational institution.

Equal Employment Opportunity

Policies and regulations ensuring that all individuals have an equal chance for employment, without discrimination on the basis of race, color, religion, sex, or national origin.

Equal Pay

A principle requiring that men and women be given equal pay for equal work in the same establishment.

Broad Bands

A strategy in pay structure where a wide range of salaries is offered within a single pay band, allowing for greater flexibility in employee payment.