If the Opportunity Cost of Time Is ________ and an Individual

question 14

Multiple Choice

If the opportunity cost of time is ________ and an individual spends ________ commuting every month,the opportunity cost of her commute is $100 every month.

• A) $5 per hour; 10 hours
• B) $8 per hour; 20 hours
• C) 10 per hour; 10 hours
• D) $12 per hour; 5 hours

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Definitions:

External Environment

All external factors and forces that can affect an organization's performance, including economic, social, political, and technological aspects.

Competitive Advantage

The attributes or conditions that allow an organization to outperform its competitors.

Cost Efficiency

The effectiveness of an organization's ability to produce output at the lowest possible cost while maintaining quality.

Customer Service

The assistance and advice provided by a company to those people who buy or use its products or services.