A Good or Service That Is Forgone by Choosing One

question 134

Multiple Choice

A good or service that is forgone by choosing one alternative over another is called a(n) :

• A) explicit cost.
• B) opportunity cost.
• C) historical cost.
• D) accounting cost.

Discern the legal implications of misleading business practices under both the Business Practices Act and the Federal Competition Act.

Understand the rights and liabilities of parties in credit transactions and the effects of cooling-off periods.

Critically assess the complexities of product liability, including the role of consumer protection legislation and common law principles.

Understand branding strategies used by companies.

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Definitions:

Net Income

The total profit or earnings after all expenses and taxes have been deducted from revenue.

Manufacturing Overhead

Indirect costs associated with manufacturing that are not directly allocable to specific units produced, including maintenance, supplies, and depreciation.

Selling Expenses

Costs associated with marketing and selling a company's products or services, including advertising and sales personnel salaries.