Opportunity Cost Is Best Defined as the Value of

question 4

Multiple Choice

Opportunity cost is best defined as the value of

• A)all of the other possible options that the decision maker could have chosen.
• B)the alternative which the decision maker would choose if more resources were available.
• C)what is gained from the alternative which is chosen.
• D)resources that are given up to obtain the alternative that is chosen.
• E)the next best alternative that the decision forces one to give up.

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Definitions:

Operate Efficiently

The ability of an organization to maximize outputs while minimizing inputs and waste.

Maintain Price

The strategy or practice of keeping the price of a product or service at a certain level, often to manage competition or market perception.

Identifying Potential Customers

The process of analyzing the market to determine who the target audience is for a product or service, often involving demographic and psychographic research.

Salesperson's Task

The duties and activities performed by a salesperson, including identifying potential buyers, presenting products or services, and closing sales.