An Opportunity Cost Is the Benefit Given Up or Sacrificed

question 121

True/False

An opportunity cost is the benefit given up or sacrificed when one alternative is chosen over another.

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Definitions:

Course of Dealing

The history of past business transactions between parties that establishes a common basis for their understanding and expectations.

Citrus Orchard

An area of land dedicated to the cultivation of citrus trees, such as oranges, lemons, limes, and grapefruits, for fruit production.

Distribution Center

A warehouse or storage facility where goods are stored before they are distributed to retailers or customers.

Purchase Order

A purchase order is a formal document sent by a buyer to a seller to authorize the purchase of goods or services at agreed terms and conditions.