An opportunity cost:Multiple ChoiceIs an unavoidable cost because it remains the same regardless of the alternative chosen.Requires a future outlay of cash.Results from past managerial decisions.Is the potential benefit lost by taking a specific action instead of alternative actions.Is irrelevant in decision making because it occurred in the past.

An opportunity cost is*1 pointA cost common to all alternatives in question and not clearly or practically allocable to any of the alternativesThe profit foregone by selecting one alternative instead of anotherA cost that may be shifted to the future with little or no effect on current operationsThe difference in total costs that results from selecting one alternative instead of another

Opportunity cost is:Multiple choice question.the financial cost of purchasing a good or a service.the expected value of buying a good or a service.the value of the opportunity that you give up when you choose one activity instead of another.the marginal benefit minus the marginal cost.

A cost that cannot be avoided or changed because it arises from a past decision, and is irrelevant to current and future decisions, is called a(n):Multiple ChoiceSunk cost.Uncontrollable cost.Incremental cost.Out-of-pocket cost.Opportunity cost.

A cost that requires a future outlay of cash and is relevant for decision making, is a(n):Multiple ChoiceOperating cost.Out-of-pocket cost.Uncontrollable cost.Sunk cost.Opportunity cost.

How do opportunity costs factor into decision making in managerial economics?They represent the cost of the next best alternative foregoneThey describe the cost of producing one more unit of a goodThey are the costs associated with holding inventoryThey are the costs that remain constant regardless of the level of output