A monetary advantage foregone due to limited resources is known as: A. Standard Cost B. Life...
A monetary advantage foregone due to limited resources is known as:
A. Standard Cost
B. Life
-cycle Cost
C. Sunk Cost
D. Opportunity Cost
E. Incremental Cost
An additional cost resulting from increasing output of a system by one (or more) units is known as:
A. Standard Cost
B. Life
-cycle Cost
C. Sunk Cost
D. Opportunity Cost
E. Incremental Cost
Homework Answers
1. Option D.
- Opportunity cost refers to the benefit forgone due to the production of one certain good by sacrificing the production of another good.
- This is because of the scarcity of resources, a firm cannot produce all the goods it wishes to produce together.
2. Option E.
- Incremental cost is the cost incurred by a firm when it produces an additional unit of a good.
- Producing an extra unit will increase the overall total cost incurred by a firm.
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A monetary advantage foregone due to limited resources is known
as:
A. Standard Cost
B. Life...
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