Define opportunity cost Question content area bottom Part 1 A Opportunity cost is expected future costs that differ among the alternative courses of action being considered B Opportunity cost is the additional total cost incurred for an activity C Opportunity cost is the contribution to income that is forgone (rejected) by not using a limited resource in its next best alternative use D Opportunity cost is the sum of all costs (variable and fixed) in a particular business function of the value chain, such as manufacturing costs or marketing costs

The Answer is in the image, click to view ...

Question: Define opportunity cost. Question content area bottom Part 1 A. Opportunity cost is expected future costs that differ among the alternative courses of action being

Define opportunity

cost.

Question content area bottom

Part 1

Opportunity cost is expected future costs that differ among the alternative courses of action being considered.

Opportunity cost is the additional total cost incurred for an activity.

Opportunity cost is the contribution to income that is forgone (rejected) by not using a limited resource in its next-best alternative use.

Opportunity cost is the sum of all costs (variable and fixed) in a particular business function of the value chain, such as manufacturing costs or marketing costs.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

"Variable costs are always relevant, and fixed costs are always irrelevant." Do you agree? Why? Question content area bottom Part 1 A . No . Some variable costs may not differ among the alternatives...

The DellaVecchia Garden Center purchases and sells Christmas trees during the holiday season. It purchases the trees for $ 1 1 and sells them for $ 2 7 . Any trees not sold by Christmas day are sold...

A master budget _______. Question content area bottom Part 1 A. should not be altered after it has been agreed upon B. includes only financial aspects of a plan and excludes nonfinancial aspects C....

Dream Rider produces car seats for children from newborn to 2 years old. Dream Rider's only problem with its car seats was stitching in the straps. The problem can usually be detected and repaired...

Define relevant cost. Why are historical costs irrelevant? A - Relevant costs are expected future costs that differ among alternative courses of action being considered. A historical cost is just...

QUESTION 1 FastTrack Bikes, Inc. is thinking of developing a new composite road bike. Development will take six years and the cost is $ 1 8 9 comma 0 0 0 per year. Once in production, the bike is...

A "relevant cost" is best described by which of the following? Question content area bottom Part 1 A . Cost of developing, producing, and delivering a product or service B . A factor that restricts...

FastTrack Bikes, Inc. is thinking of developing a new composite road bike. Development will take six years and the cost is $ 200 comma 000 per year. Once in production, the bike is expected to make $...

Kingery is 3 0 years old and has a Bachelor of Science degree in computer science. She is currently employed as a Tier 2 field service representative for a telephony corporation located in Seattle,...

FastTrack Bikes, Inc. is thinking of developing a new composite road bike. Development will take 6 6 years and the cost is $ 2 1 3 comma 0 0 0 $ 2 1 3 , 0 0 0 per year. Once in production, the bike...

Burns Company has purchased land that will serve as a temporary repository for nuclear waste. The site will function for 30 years, at which time Burns will be required to completely decontaminate the...

Describe the elements of the communication process. Give an example of each part of the model as it exists in the classroom during communication between teacher and students.

18 Complete these steps for each calculation. i Work out an estimate of the answer by rounding each number to one significant figure. ii Use a calculator to work out the accurate answer. Give this...

The following equations are for timber members, what equations make the statements true. M S = [Select] FbXCOCMCCCCC;= [Select] FbxCoCMC CRUCECC - [Select] 1.5V [Select ]