When Michael Kearney Got a Skin Infection After Visiting and Helping

question 12

Multiple Choice

When Michael Kearney got a skin infection after visiting and helping a similarly afflicted woman who attributed her illness to witchcraft, he:

• A) feared he had acquired a dangerous disease.
• B) wondered if he too had been the victim of witchcraft.
• C) needed to leave town for treatment.
• D) assumed he caught it from the woman.

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Definitions:

Incremental Cost

The additional cost incurred to produce one more unit of a good or service.

Opportunity Cost

The potential benefit that is missed out on when choosing one alternative over another.

Opportunity Costs

The cost of an alternative that must be foregone to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.

Make Total Cost

An approach to calculate the comprehensive cost of manufacturing a product, including raw materials, labor, and overheads.