The Opportunity Cost of Doing or Getting Something Is Defined

question 398

Multiple Choice

The opportunity cost of doing or getting something is defined as

• A) the difference between the marginal cost and benefit of doing something.
• B) the materials used in doing or getting something.
• C) the value of the best alternative that is given up in order to do or get something.
• D) the money spent in doing or getting something.

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Definitions:

HR Function

Refers to the various responsibilities managed by the human resources department, including recruitment, training, payroll, and benefits administration.

Workforce Analytics

The use of data analytics techniques to analyze workforce data and insights to improve HR decision-making and strategies.

Candidate Success

The achievement of a job applicant in securing a position and subsequently performing successfully in that role, often influenced by the recruitment process and organizational support.

HR Analytics

An evidence-based approach for making better decisions about employees and HR policies, using a variety of tools to report HR metrics and to predict outcomes of HR programs.