Define opportunity cost of production: a) using a resource in one capacity in production eliminates the ability to use it in another b) loss of potential profit to capture larger market share c) streamlining production costs to maximize profits d) increasing overhead costs to expand production
1) using a resource in one capacity in production eliminates the ability to use it in another
2) loss of potential profit to capture larger market share
3) streamlining production costs to maximize profits
4) increasing overhead costs to expand production