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What is the term for what you give up to obtain an item? Question 4 options: opportunity cost implicit cost applied cost variable cost

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is the term for what you give up to obtain an item?

Question 4 options:

	opportunity cost
	implicit cost
	applied cost
	variable cost

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