In General, (1)opportunity Cost Is Greater Than Accounting Cost

question 42

Multiple Choice

In general, (1) opportunity cost is greater than accounting cost.
(2) opportunity cost is less than accounting cost.
(3) economic profit is greater than accounting profit.
(4) economic profit is less than accounting profit.

• A)1 only
• B)1 and 3
• C)1 and 4
• D)2 and 3
• E)2 and 4

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Definitions:

Social Classes

Categories of a society's population based on wealth, income, occupation, education, and other socio-economic factors, influencing life chances and experiences.

Showed Maturity

Demonstrated the ability to respond to a situation or make decisions in a way that is consistent with adult behavior, often implying wisdom or emotional intelligence.

Suitable Spouse

An individual deemed appropriate for marriage based on various factors such as compatibility, social status, and personal preferences.

Reached Adulthood

The transition stage where an individual moves from youth into maturity, taking on responsibilities and legal recognitions associated with adults.