Opportunity Cost Is the Equivalent Of

question 45

Multiple Choice

Opportunity cost is the equivalent of:

• A)explicit cost.
• B)implicit cost.
• C)economic cost.
• D)sunk cost.

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Definitions:

Empowerment

The process of providing individuals or groups with the knowledge, skills, and authority to make decisions and contribute to their personal growth and organizational success.

Autocratic

A management approach where a single person makes all the decisions with minimal contributions from team members.

Teamwork

The collaborative effort of a group to achieve a common goal or to complete a task in the most effective and efficient way.

Offsite Teamwork

Collaboration and work conducted by team members who are located in different places, often utilizing digital communication tools.