Which of the Following Phrases MOST Accurately Describe Opportunity Cost

question 38

Multiple Choice

Which of the following phrases MOST accurately describe opportunity cost?

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

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Definitions:

Critical Information

Critical information is essential or highly important data that can significantly impact decisions, actions, or outcomes in a given context, necessitating careful handling and protection.

Transformational Model

A leadership approach that creates significant change in the life of people and organizations by transforming followers’ beliefs, values, and attitudes.

Inspirational Motivation

The capability of leaders to inspire or motivate others towards achieving a vision or set of goals by providing meaning and challenge to their work.

Intellectual Stimulation

The engagement and encouragement of mental growth, critical thinking, and innovation within a group or individual.