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When a resource such as space in the factory has no alternative use its opportunity cost is?
Idle space that has no alternative use has an opportunity cost of zero. Explanation: Opportunity cost is the potential benefit lost by selecting a particular course of action. If idle space has no alternative use, there is no benefit foregone, opportunity cost is zero.
When making decisions costs most frequently overlooked?
What Is Opportunity Cost? Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another. Because opportunity costs are unseen by definition, they can be easily overlooked.
Which of the following refers to the costs that always differ between alternatives?
Differential cost is the difference between the cost of two alternative decisions, or of a change in output levels.
Which of the following cost should be considered for decision making?
variable costs. Variable costs are relevant for decision making as they change when a decision is made.