Those Things That Must Be Forgone to Acquire a Good

question 166

Multiple Choice

Those things that must be forgone to acquire a good are called

• A) implicit costs.
• B) opportunity costs.
• C) explicit costs.
• D) accounting costs.

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Definitions:

Virtual Teams

Groups of people who work together from different geographical locations, connected by electronic communication technologies.

Trust

The firm belief in the reliability, truth, ability, or strength of someone or something.

Cross-functional Teams

Teams composed of members from different departments within an organization, working together to achieve a common goal.

Effectiveness

The degree to which objectives are achieved and the desired results are obtained efficiently.