Those Things That Must Be Forgone to Acquire a Good

question 4

Multiple Choice

Those things that must be forgone to acquire a good are called:

• A)competitors
• B)substitutes
• C)opportunity costs
• D)explicit costs

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Definitions:

Ratification

Ratification is the act of officially approving or confirming a decision or agreement, often used in the context of treaties, contracts, or other legal documents.

Authorized Act

An action taken by an individual or entity that has been given official permission or power to do so, typically within a legal or organizational context.

Corporation's Acceptance

The formal agreement by a corporation to abide by legal obligations or contracts, often signified through a resolution by its board of directors.

Committee Authority

The powers and responsibilities delegated to a group or committee, allowing them to make decisions or take actions on behalf of a larger organization or body.