The Opportunity Cost of Any Factor of Production Is

question 61

Multiple Choice

The opportunity cost of any factor of production is

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

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Definitions:

Five-Year Period

A specified duration of time, often used in contexts such as contracts, warranties, and strategic planning, comprising five consecutive years.

Mens Rea

A legal term referring to the mental state or intention behind committing a crime; a key element in determining culpability.

Regulatory Crimes

Offenses that violate laws or regulations intended to protect the public welfare, often involving health, safety, and the environment.

Mala Prohibita

Refers to acts that are crimes only because they are prohibited by law, not because they are inherently immoral or harmful.