Which of These Is NOT an Example of Opportunity Cost

question 180

Multiple Choice

Which of these is NOT an example of opportunity cost?

• A)Lobster catchers in Point Judith,Rhode Island continued to trap lobsters at the cost of depleting the lobster population.
• B)President George W.Bush's administration has pushed for oil exploration in the Arctic National Wildlife Refuge in Alaska at the cost of environmental preservation.
• C)Lobster catchers in Port Lincoln,Australia paid a licensing fee for the right to own lobster traps.
• D)The "bridge to nowhere" to be built near Anchorage,Alaska comes at the cost of adding to the federal budget deficit.

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Definitions:

Customer Service

Activities and services provided by a company to support and enhance the satisfaction of its customers.

Competitive Prices

Pricing strategy that involves setting prices at the same level or slightly lower than competitors to attract customers.

Cost Differentiation Strategy

A business strategy aiming to offer products or services differentiable from competitors' based on features, quality, or service rather than competing primarily on price.

Product Differentiation Strategy

A business approach aimed at distinguishing a product or service from others in the market to attract a specific customer segment.