the potential benefit given up when selecting one alternative over another is a(n) blank cost. multiple choice question. sunk avoidable opportunity irrelevant

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14-10-2022
Business

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the potential benefit given up when selecting one alternative over another is a(n) blank cost. multiple choice question. sunk avoidable opportunity irrelevant

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kumarkrishna kumarkrishna · Answer 1 · 2022-10-18T20:10:40+02:00

Opurtunity cost is the potential benefit given up when selecting one alternative over another is a(n) blank cost.

benefits are the potential benefit gains that a person, investor, or company forgoes by selecting one option over another. Opportunity costs are by nature invisible, thus it is simple to overlook them. It is possible to make better decisions by being aware of the potential benefit opportunities lost when a company or person selects one investment over another. Opportunity cost is the benefit that was lost due to a decision that was made otherwise.

The advantages and disadvantages of each choice must be evaluated against one another in order to correctly assess opportunity costs.

Opportunity costs can help people and businesses make more profitable decisions by guiding them in this direction.

Opportunity cost is a cost that is entirely internal and is considered in strategic planning.

Learn more about Opportunity cost here :

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