Which of the Following Phrases Most Accurately Describe Opportunity Cost

question 14

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

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Definitions:

American Culture

The set of customs, traditions, and values of the United States, influenced by its history of immigration and diversity.

State Prisons

Correctional facilities run by state governments for individuals convicted of serious crimes.

Japan, Germany, France

are nations known for their significant cultural, economic, and political influence on global affairs.

California

A state located on the west coast of the United States, known for its diverse landscape, population, and as a center of technology and entertainment industries.