Question

A business owner will have to decide how selecting one thing over another will impact the business. This is an example of _____.

fixed costs

opportunity costs

variable costs

none of the above

Answer 1

Opportunity costs

Step-by-step explanation:

EDGE 2021 Entreprenuership :D

Answer 2

opportunity costs

Step-by-step explanation:

Opportunity cost is the benefit sacrificed as a result of preferring one option over the other. Opportunity cost is an economic concept applied in decisions making. It entails considering the gains to be missed by not selecting a particular option. The advantage of the next best alternative to the preferred option is the opportunity cost.

For the businessman, deciding one thing over the other means sacrificing one of them. Analyzing the impact of the foregone benefits is considering the opportunity cost.