Define opportunity cost, please!Thank you!
5 answers
Answers
Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
It's when you lose one opportunity due to picking something else or you lose a whole experience because of a chose you made. For example, if I decided to work at McDonald's then instead of going to school,I've lost a lot of chances because I made this one choice.
The incorrect statement concerning opportunity costs is
"-opportunity costs are cumulative".
Explanation:
The opportunity cost is the cost of the alternative that we waive when we make a certain decision, including the benefits that we could have obtained from having chosen the alternative option.
It is referred to as "the value of the best option not selected".
Therefore they are relevant, imply a decision to be taken in the future and are not recorded in the accounting of the companies because they do not represent a cost actually incurred.
b
Explanation:
The answers are listed below in the sequence of questions asked:
Explanation:
Fixed Cost
Average Fixed Cost
Variable Cost
Opportunity Cost
Explicit Cost
Average Cost
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