The Cost Involved When Choosing Between Alternatives Is Known as the

question 57

Multiple Choice

The cost involved when choosing between alternatives is known as the

• A) marginal cost.
• B) sunk cost.
• C) opportunity cost.
• D) normative cost.

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Definitions:

Executory Contracts

Contracts under which both parties to the agreement have duties remaining to be performed. If a contract's major obligations are unfulfilled by both parties, it is seen as executory.

One-Year Provision

The one-year provision is a legal clause, often found in statutes of frauds, which requires certain contracts to be in writing and signed if they cannot be performed within one year.

Majority Rule

A principle in democracy stating that the decisions and choices of the greater number of participants should guide the actions and policies of the group.

Integrated Contracts

An integrated contract is a written agreement that constitutes the final and complete understanding between parties, encompassing all terms and conditions.