If There Is Only One Alternative Course of Action and the Status

question 126

True/False

If there is only one alternative course of action and the status quo is unacceptable,then there really is no decision to make.

---

Definitions:

Diseconomies of Scale

A situation where, as a firm's production scales up, the costs per unit increase, contrary to economies of scale.

Long-run Total Costs

The total costs incurred by a firm when all factors of production are variable, and the firm can change its scale of operation.

Opportunity Cost

The expense incurred by not choosing the second-best option available during the decision-making process.

Bank Loan

A sum of money borrowed from a bank that must be repaid with interest over a set period.