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

An opportunity cost:Multiple ChoiceRequires a future outlay of cash.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.Results from past managerial decisions.Is an unavoidable cost because it remains the same regardless of the alternative chosen.

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

Opportunity cost refers to

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.

Which of the following is an explanation of opportunity cost?[1 mark]A Identifying business opportunities and bringing togetherresources to meet themB Seeing a problem with the way things are done and thinkingof a better way of doing itC Seeing a gap in the market and calculating the cost of enteringthe marketD The cost of making one choice concerning the use of limitedresources at the expense of an alternative choice