Business 9609 · AS & A Level · Costs

Costs — practice question

(a)[2]

Define what is meant by the term ‘opportunity cost’.

(b)[3]

Explain two reasons why many new businesses fail in their first year of operation.

Worked solution & mark scheme

This 5-mark question has a full step-by-step worked solution and mark scheme. One marking point: “The worth of the next best alternative.” …