The Concept of Opportunity Cost Is Based on the Principle

question 202

Multiple Choice

The concept of opportunity cost is based on the principle of

• A) need.
• B) consumption.
• C) scarcity.
• D) profit.

---

Definitions:

Business Plan

A document that outlines a company's goals, the strategy to achieve them, financial forecasts, and market analysis.

Principal Owners

Individuals or entities that hold a primary share of ownership in a business, often having significant influence on company decisions.

New Businesses

Entities that have been recently established or founded, entering the marketplace with fresh offerings or services.

Survive

The ability to continue to live or exist, especially in spite of difficult conditions or circumstances.