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The term which is used to describe giving up one thing to get another is the opportunity cost.

Opportunity cost refers to the value of what you lose when choosing between two or more options. Thus, it refers to what you have to give up in order to buy what you want in terms of other goods or services.

This decision of choosing is made when you feel that the choice which you have made will have better results for you regardless of what you lose by making it.

For instance, you spend time and money going to a movie, you cannot spend that time at home reading a book simultaneously, and you can't spend the money on something else. However, here the choice is to be made.

Thus, the cost of making a choice is that the next best alternative is forgone is know as the opportunity cost.

Hence, option A is correct.

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Answer:

  True

Explanation:

The modern notion of "just in time" material delivery supports reduction of inventory and its associated costs. Plants that have sufficiently steady raw material usage will prefer supplies delivered "just in time."

Plants that have wildly varying production schedules or product mix may prefer a generous "safety stock." They may also prefer a generous supply inventory if their supply chain is unreliable.

It is true that most plants want to have supplies delivered just in time, but circumstances may make needs differ from wants.

Answer:

Explanation: