COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which is the best definition for opportunity cost?
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Giving up one item for another
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Buying and using two items
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Using butter and margarine
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Having multiple items at the same time
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Explanation:
Detailed explanation-1: -Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word “cost, ” we usually mean opportunity cost.
There is 1 question to complete.