The value of the next-best alternative forgone is the
A)opportunity cost
B)profit
C)utility
D)marginal benefit

Name: The value of the next-best alternative forgone is the A)opportunity cost B)profit C)utility D)marginal benefit
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The value of the next-best alternative forgone is referred to as opportunity cost. Since opportunity cost is the cost of the best alternative given up, it is important to consider it when making decisions. Therefore, A is the correct choice.

The Value of the Next-Best Alternative Forgone Is the