The undertaking of a new retail venture precluded a retailer from other ventures due to the scarcity of resources (capital,management talent,and labor).This refers to ________.

Question

Quizplus · Accepted Answer

The concept of opportunity cost highlights that by choosing to invest in one project, the retailer has to give up the opportunity to invest in other ventures due to limited resources. Option A, B, and D refer to budgeting methods which are not directly related to the given scenario.

The Undertaking of a New Retail Venture Precluded a Retailer