An Opportunity Cost Is

question 85

Multiple Choice

An opportunity cost is

• A) the dollar amount that is paid.
• B) anything the decision maker believes costs to be.
• C) the benefits of the highest-valued alternative forgone.
• D) whatever is paid out and cannot be reduced or reversed.
• E) another term for all the sunk costs.

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Definitions:

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or standard.

Older Technology

Previously widespread technology that has been surpassed by newer innovations, yet may still be in use or relevant in certain contexts.

Productivity

The measure of how efficiently and effectively resources are used to produce goods and services.

Synthetic Systems

Manufacturing system that combines inputs to create a finished product or change it into a different product.