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    Question

    The cost of the next best alternative that is foregone

    when a decision is made to use a resource in a particular way is called:
    A Opportunity cost Correct Answer Incorrect Answer
    B Average cost Correct Answer Incorrect Answer
    C Fixed cost Correct Answer Incorrect Answer
    D Marginal cost Correct Answer Incorrect Answer
    E Variable cost Correct Answer Incorrect Answer

    Solution

    Opportunity cost represents the benefits sacrificed by choosing one alternative over another. It is a crucial concept in decision-making under scarcity in farm management.

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