Opportunity Cost Can Be Defined as _____

question 40

Multiple Choice

Opportunity cost can be defined as _____.

• A) the cost of production that remains fixed even as more output is produced
• B) the profits earned from selling a particular good
• C) the benefits forgone from the next best alternative
• D) the variable costs of producing a good

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Definitions:

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by all parties involved to be enforceable.

Punitive Damages

Financial compensation awarded in lawsuits as a punishment to the defendant, over and above actual damages.

Deterrent

Something that discourages or prevents a person or action through fear of consequences or negative outcomes.

Consequential Damages

Refers to secondary effects or financial losses that result indirectly from a breach of contract.