Quiz: Opportunity Cost in Business Decisions
AQA GCSE Business 8132
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You've learned how businesses identify opportunities and make decisions. Now, let's focus on testing your understanding of opportunity cost in business decisions!
What is the definition of opportunity cost?
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Which of the following are examples of opportunity cost? (Select all that apply)
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Opportunity cost is the benefit of the next best {{blank0}} that is not chosen.
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A business has £10,000 to spend. If it chooses to upgrade its machinery, what is the opportunity cost?
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Which scenarios involve opportunity cost? (Select all that apply)
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If a business uses its budget to invest in technology, the opportunity cost is the {{blank0}} it could have gained from the next best alternative.
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