______ is concerned with the cost of the next best alternative opportunity which was foregone in order to pursue a certain action.

Opportunity cost

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Outlay cost

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Sunk cost

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Shutdown cost

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Solution

The correct option is A Opportunity cost
Opportunity cost is concerned with the cost of the next best alternative opportunity which was forgone in order to pursue a certain action. In other words it is cost of the next best alternative forgone.

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Similar questions

Which of the following statements about opportunity cost is TRUE?

I. Opportunity cost is equal to implicit costs plus explicit costs.
II. Opportunity cost only measures direct monetary costs.
III. Opportunity cost accounts for alternative uses of resources such as time and money.

Q. A professional basketball players' union negotiates a contract that dramatically increases all players' salaries. How would this influence the opportunity cost for a player who was considering giving up basketball to pursue a career in broadcasting?

Q. Opportunity costs are a result of __________.

Q. The opportunity cost of a factor of production is ___________.

Q. Opportunity cost of production of a commodity is ________.

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______ is concerned with the cost of the next best alternative opportunity which was foregone in order to pursue a certain action.

The correct option is A Opportunity costOpportunity cost is concerned with the cost of the next best alternative opportunity which was forgone in order to pursue a certain action. In other words it is cost of the next best alternative forgone.

The correct option is A Opportunity cost
Opportunity cost is concerned with the cost of the next best alternative opportunity which was forgone in order to pursue a certain action. In other words it is cost of the next best alternative forgone.