Opportunity cost may be defined as the
A)Goods or services that are forgone in order to obtain something else.
B)Dollar prices paid for final goods and services.
C)Dollar cost of producing a particular product.
D)Difference between wholesale and retail prices.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the goods or services that are given up or forgone in order to obtain something else. It is the value of the best alternative that must be given up in order to pursue a certain action or decision. Options B, C, and D do not accurately define opportunity cost.

Opportunity Cost May Be Defined as the