The Opportunity Cost of Any Factor of Production Is

question 50

Multiple Choice

The opportunity cost of any factor of production is

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

---

Definitions:

Local Context

The specific environmental, cultural, economic, and legal conditions in a geographical area that influence business operations and strategy.

Research Evidence

Collectively refers to factual, scientifically obtained information that supports theories, practices, or findings.

Hard Facts

Tangible, verifiable data and information that can be objectively measured and evaluated, often used in decision-making and analysis.

Dangerous Half-Truths

Partial truths or statements that are misleading, often intentionally, because they only reveal part of the whole truth, potentially causing harm.