Opportunity Cost for a Firm Is

question 35

Multiple Choice

Opportunity cost for a firm is:

• A)Costs that involve a direct monetary outlay
• B)The sum of the firm's implicit costs
• C)The total of explicit costs that have been incurred in the past
• D)The value of the next best alternative that is forgone when another alternative is chosen

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Definitions:

Highest Levels

The most extreme or advanced point within a specific context or system.

Photochemical Smog

Air pollution created by the reaction of sunlight with pollutants such as nitrogen oxides and volatile organic compounds in the Earth's atmosphere.

Primary Pollutants

Pollutants that are emitted directly from identifiable sources and enter the air or water in a harmful form.

Sulphur Dioxide

A toxic gas with a pungent, irritating smell, produced by burning sulfur in the air. It is used as an industrial pollutant and also occurs naturally in volcanic emissions.