The potential benefit that is given up when one alternative is selected over another is called a(n) _________ cost.

Question

BlackTom AI · Accepted Answer

When examining the terminology used in cost concepts, it’s important to match the definition to the word.
Option 1: 'opportunity' — This is the correct term. An opportunity cost is the benefit or value you give up by choosing one alternative over another, i.e., the cost of the next best alternative foregone.
Option 2: 'avoidable' — This term describes costs that could be eliminated if a decision changes, but it does not capture the idea of what you sacrifice by choosing one option over another. It’s not the standard label for the concept described in the question.
Option 3: 'relevant' — In cost accounting, relevant costs are the ones that will be affected by a decision. While related to decision making, this word does not denote the specific concept of what is forgone by selecting one option instead of another.
Option 4: 'differential' — Differential (or incremental) costs refer to the difference in costs between options, not the value of the foregone alternative itself. It’s a related idea in analysis but not the term for the benefit sacrificed when choosing one path over another.
In summary, option 1 aligns with the standard definition of opportunity cost, while options 2 through 4 describe different concepts that don’t capture the exact notion of what is given up when one alternative is selected over another.

The potential benefit that is given up when one alternative is selected over another is called a(n) _________ cost.单项选择题

类似问题

What distinguishes short-run opportunity cost from long-run opportunity cost?

Based on the production possibilities curve for books and pencils shown, what is the opportunity cost of producing a book?

The following PPF best represents _; in this case, _.

During the time when he was at the concert, Jeff could instead have cooked his Thanksgiving dinner or watched TV. He thinks that if he hadn’t gone to the concert, he would have cooked his dinner. His opportunity cost of attending the concert is the value of

According to the following graph, the opportunity cost of moving from point C to point B is ___.

What is the most likely outcome of an economic policy based on the "Broken Window Fallacy"?

The "Broken Window Fallacy" argues that destruction can actually help the economy.

更多留学生实用工具

智能学习助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单