The Opportunity Cost of an Economic Action Is

question 155

Multiple Choice

The opportunity cost of an economic action is

• A) the value of the next best alternative that must be sacrificed
• B) an issue in normative economic theory
• C) the expense for the resources used plus the firm's profit
• D) the out-of-pocket cost
• E) the option to pay a reduced fee for the action

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Definitions:

Partnership

A legal and business arrangement between two or more individuals who share management and profits or losses of the business endeavor.

Regulatory Controls

Rules and regulations established by government or regulatory bodies to control the way businesses operate, ensuring safety, fairness, and compliance.