A Good or Service That Is Forgone by Choosing One

question 134

Multiple Choice

A good or service that is forgone by choosing one alternative over another is called a(n) :

• A) explicit cost.
• B) opportunity cost.
• C) historical cost.
• D) accounting cost.

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Definitions:

Formal Structures

Organized frameworks in businesses and organizations characterized by defined rules, roles, and responsibilities intended to achieve efficiency and goals.

Free-Rein Leaders

Leadership style where authority is delegated to employees, empowering them to make decisions and solve problems independently.

Subordinates

Employees or team members who are lower in rank or position and report to someone higher in the organizational hierarchy.

Communicate

The act or process of sharing or exchanging information, messages, or ideas through speech, writing, visual forms, or other mediums.