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Home Q & A Board Other Fields Homework Help Business Economics
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shaerovira shaerovira
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4 years ago
If you own a building and you decide to make use of that building by opening a restaurant

▸ there is an opportunity cost of using this building for a restaurant because it could have been used in other ways.

▸ the only cost relevant to this decision is the price you paid for the building.

▸ there is no opportunity cost of using this building for a restaurant because you own it.

▸ there are no irretrievable costs involved in this decision.
Textbook 
Essential Economics for Business

Essential Economics for Business


Edition: 5th
Authors:
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jenniferagrethejenniferagrethe
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4 years ago
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