Final answer:
The approach to managing cooperative strategies that generally comes with higher costs is opportunity maximization, which focuses on exploiting the full potential of opportunities but may include significant investments.
Step-by-step explanation:
The approach to managing cooperative strategies that generally involves higher costs is opportunity maximization. This approach often incurs higher costs because it focuses on leveraging the maximum potential of opportunities, which can entail investments in new ventures, research and development, and extended collaboration efforts. In contrast, opportunity minimization focuses on reducing risks and limiting exposure to potential losses, hence likely incurring lower costs.
When comparing marginal revenue and marginal costs, the firm seeks to maximize profits by producing up to the point where marginal revenue equals marginal cost. This method of profit maximization often deals with the law of increasing opportunity cost, which indicates that as production increases, the opportunity cost of producing additional units also increases. The law is particularly relevant when considering the costs associated with cooperative strategies.