Which of the Following Most Accurately Reflects the Opportunity Cost

question 119

Multiple Choice

Which of the following most accurately reflects the opportunity cost to a pharmacist who drives a taxi?

• A) the dollars spent on his previously acquired education in pharmacy
• B) the revenue derived from operating the cab
• C) zero if the pharmacist received his education on a scholarship that paid his full tuition
• D) the value of the pharmacist's time in its highest valued use other than driving a cab

Understand privacy considerations and the paradox in social media contexts.

Identify the characteristics and motivations of ideal brand ambassadors and social media participants.

Understand the role and psychological impacts of social media on users.

Identify and categorize different types of social media users based on their behavior and motivations.

---

Definitions:

Fixed Selling Expense

The costs associated with selling a product or service that do not vary with sales volume, such as salaries of sales staff and advertising expenses.

Variable Administrative Expense

Costs associated with administrative activities that vary with the level of business activity or output.

Reclassifying Costs

The process of moving costs from one category to another in accounting records.

Period Costs

Expenses that are not directly tied to production and are expensed in the period in which they occur, such as selling and administrative expenses.