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Why is managerial flexibility important in capital budgeting?
Alternative Goods
Products or services that can be used in place of each other, satisfying the same customer need or want.
Society Forgoes
The opportunity costs that society incurs when choosing to allocate resources to one project or purpose over another, leading to the loss of potential benefits from other uses.
Creative Destruction
Creative destruction refers to the process through which new innovations lead to the demise of older technologies or business models, fostering growth and economic progress.
New Firms
Recently established companies or businesses entering a market.
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