The Amount of Money That a Wheat Farmer Could Have

question 465

Multiple Choice

The amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is

• A)an explicit cost.
• B)an accounting cost
• C)an implicit cost.
• D)forgone accounting profit.

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Definitions:

Discretion

The freedom to decide what should be done in a particular situation, often with careful judgment.

Organizational Success

The achievement of the goals and objectives set by an organization, often measured by financial performance, market share, or the fulfillment of its mission and vision.

Organization Design

The process of structuring an organization's roles, responsibilities, and systems to effectively achieve its goals.

Boundaryless Organizations

An organizational philosophy emphasizing fluidity over hierarchical structures to foster faster decision making and greater flexibility.