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A decrease in the price of GPS systems will result in
Inventory Obsolescence
Refers to the reduction in the value of inventory items due to them becoming outdated, no longer useful, or unsalable.
Opportunity Cost
The expense associated with choosing not to pursue the second-best option during decision-making.
Insurance Premium
The amount of money an individual or business must pay for an insurance policy, securing protection or coverage against specific risks.
Credit Period
The length of time allowed by a creditor for a borrower to make payment on a merchandise or loan without incurring interest or penalties.
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