A Choice Made by Comparing All Relevant Alternatives Systematically and Incrementally

question 84

Multiple Choice

A choice made by comparing all relevant alternatives systematically and incrementally is

• A)a sunk cost.
• B)a choice made in the social interest.
• C)an opportunity cost.
• D)a choice on the margin.
• E)a benefit.

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Definitions:

Cycles

Periods or sequences in a system or process that repeat in a regular pattern, such as the phases of economic growth and decline or the operation of machinery.

Seasonality

Refers to fluctuations in demand or supply of certain products or services that occur regularly at certain times of the year.

Moving Average

A technique in statistics that involves calculating averages from various subsets within the whole data set for analysis purposes.

Responsiveness

Refers to the ability of a business or system to quickly react to changes or demands in the environment.