By choosing to go into business for himself,Jim Lazar foregoes the possibility of getting a highly paid job with a large company.This is called a(n):
A)Sunk cost.
B)Out-of-pocket cost.
C)Opportunity cost.
D)Joint cost.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the benefits forgone by choosing one alternative over another. In this case, Jim Lazar is giving up the possibility of a highly paid job with a large company by choosing to go into business for himself.

By Choosing to Go into Business for Himself,Jim Lazar Foregoes