Opportunity Cost Includes

question 136

Multiple Choice

Opportunity cost includes

• A)​monetary costs only.
• B)​non-monetary costs only.
• C)​both monetary and non-monetary costs.
• D)​neither monetary nor non-monetary costs.

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Definitions:

Marginal Cost

The cost of producing one additional unit of a product, important for decision-making in economics and business.

Fair-return Pricing

Pricing strategy aiming to set prices that are considered fair for consumers while allowing providers a reasonable profit.

Natural Monopoly

A market condition where a single firm can provide a good or service at a lower cost than any potential competitor, leading to exclusive control over the market.

Productively Efficient

A state where an economy or entity is operating in such a way that it cannot produce more of one good without producing less of another, utilizing resources to their maximum potential.