Business, 03.01.2020 22:31 juli8350

The potential benefits lost by taking a specific action when two or more alternative choices are available is known as a(n): . alternative cost. b. sunk cost. c. out-of-pocket cost. d. differential cost. e. opportunity cost.

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The potential benefits lost by taking a specific action when two or more alternative choices are available is known as opportunity cost.

The correct answer is E

Explanation:

Opportunity cost is the potential lost as a result of selecting an alternative where alternative courses of action are involved. It is a relevant cost for decision-making.

Answer from: nakeytrag

e. Opportunity cost

Explanation:

This is the perfect definition of opportunity cost.

Businesses mostly find themselves stuck in choosing between two different alternatives, especially when each alternative has a cost consequence. For example, as an employee I am faced with two alternatives, first, I can go on a one week holiday with my friends and chill (which would cost me $1500) but if I do so I would be loosing $200 (as my salary) daily for one week, the total of which would be $1400. If I choose to go with my friends on the holiday anyhow, the total cost of my holiday would not just be $1500 but the opportunity cost of $1400 would also be a part of my holiday cost because it's relevant and is being influenced by my decision.

So I would basically be loosing the potential benefits (salary in this case) if I choose to go on the holiday with my friends.

Alternative cost is the cost comparison of two alternatives aimed at choosing the most economically feasible option.

Sunk cost is cost that is already incurred and/or is committed to be incurred at a later date which can't be influenced by our decision.

Differential cost is the difference between the cost of two options.

Answer from: Quest

ell really, the setting was in franklin and lincoln visits franklin even after he moved to columbus, and he went to school

Answer from: Quest

you can put this in your 11 sentence summary

" most of the money would be invested in innovation, economic convergence."

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