Which of the Following Phrases MOST Accurately Describe Opportunity Cost

question 29

Multiple Choice

Which of the following phrases MOST accurately describe opportunity cost?

• A) The cost incurred to gain the opportunity to make a sale
• B) The benefit gained by choosing a certain course of action
• C) The benefit given up by not choosing an alternative course of action
• D) Costs which have been incurred in the past

Know how to seek and utilize resources for academic and career planning.

Recognize the importance of engaging with instructors and the college community for personal and academic support.

Understand that college can clarify purpose and assist in achieving goals.

Recognize the flexibility and possibility of change in academic plans.

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Definitions:

Organic Structures

Organic structures in organizations are flexible and decentralized forms of operation that allow for free flow of information and are adaptive to changes, encouraging innovation and collaboration.

Environments

Surroundings or conditions in which a person, animal, or plant lives or operates.

Mechanistic

Relating to a view of organizations that emphasizes structure, hierarchy, and a clear division of labor.

Independent Companies

Businesses that operate independently, without the control or influence from larger corporate chains or conglomerates.