The Opportunity Cost of Any Factor of Production Is

question 50

Multiple Choice

The opportunity cost of any factor of production is

• A) the benefit forgone by not using it in its best alternative.
• B) the benefit forgone by not using it in its worst alternative.
• C) the money actually paid to the factors of production.
• D) its explicit cost.
• E) its accounting cost.

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Definitions:

Information and Communications

The study or use of systems (especially computers and telecommunications) for storing, retrieving, and sending information.

Rules

Directives or instructions that guide behavior or operations in systems, organizations, or software.

Fiber-Optic

Refers to the technology and medium associated with the transmission of information as light pulses along a glass or plastic fiber.

Electromagnetic Interference

Disturbance generated by external sources that affects an electrical circuit by electromagnetic induction, electrostatic coupling, or conduction, potentially causing performance degradations or malfunctions in electronic devices.