Examlex
Which of the following is true of footnotes?
Opportunity Cost
The lost benefit that could have been enjoyed if the chosen option had not been taken, implying the trade-off of forgoing the next best alternative.
Efficient Production Process
A method of production that uses the least amount of resources to achieve the maximum output.
Resources And Technology
The combination of natural resources, human resources, and technology that firms use to produce goods and services.
Opportunity Cost
The cost of an alternative that must be forgone in order to pursue a certain action; the benefits you could have received by taking an alternative action.
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