The Opportunity Cost of an Action Is

question 94

Multiple Choice

The opportunity cost of an action is:

• A)​the value of the best foregone alternative.
• B)​the difference between the benefits that result and the expenses incurred as a result of the action.
• C)​the same as the expected benefit of the action.
• D)​the same for everyone who undertakes the action.

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Definitions:

Individuals

Single human beings as distinct from a group, class, or family.

Power

The ability or potential to control or sway the actions of others or the path of events.

Managers

Individuals in an organization responsible for planning, directing, and overseeing the operations and activities of a team or department to achieve the set goals.

Resources

Essential assets or materials needed to carry out tasks, projects, or achieve goals.