Opportunity Cost May Be Defined as The

question 89

Multiple Choice

Opportunity cost may be defined as the:

• A) The value of goods or services that are forgone in order to obtain something else.
• B) Dollar price paid for a final good or service.
• C) Dollar cost of producing a particular product.
• D) Dollar cost of the next best alternative resources for producing a gooD.

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Definitions:

Henri Fayol

A French industrialist and a pioneering management theorist who developed a general theory of business administration.

Hierarchy of Authority

A system in which different positions are ranked relative to each other within an organization, with higher levels having more power and responsibility.

Douglas McGregor

An American social psychologist who proposed the Theory X and Theory Y concepts in management, relating to two different views of how managers perceive workers' motivations.

Decision-making

The cognitive process of selecting a course of action from among multiple alternatives.