Singapore GCE O-Level Business Studies Practice Questions - Singapore GCE O-Level Business Studies (SEAB Syllabus 7085) Exam

Which statement correctly defines 'opportunity cost' in a business decision-making context?

The total financial expenditure incurred when starting a new commercial enterprise The next best alternative foregone when making a choice between competing options The difference between total revenue and variable production costs The interest cost associated with obtaining long-term bank borrowing

Correct Answer:

The next best alternative foregone when making a choice between competing options

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