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According to systems theory, when any part of the system changes or a new element is added, the system
Opportunity Cost
The cost of forgoing the next best alternative when making a decision.
Product Cost
The total expense involved in creating a product, including direct materials, direct labor, and manufacturing overhead.
Variable Cost
Expenses that vary directly with the amount of output or the scale of operations.
Product Costs
The costs directly associated with the production of goods or services, including raw materials, labor, and manufacturing overhead.
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