Out-of-pocket costs are defined as the benefit that is sacrificed when the choice of one action precludes taking an alternative course of action.

Name: Out-of-pocket costs are defined as the benefit that is sacrificed when the choice of one action precludes taking an alternative course of action.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Out-of-pocket costs refer to actual cash expenditures made by an individual or organization, not the benefits sacrificed by choosing one action over another, which describes opportunity costs.

Out-Of-Pocket Costs Are Defined as the Benefit That Is Sacrificed