For an economist,the cost of something is:
A)the amount of money you paid for it.
B)what you gave up to get it.
C)always equal to its market value.
D)the quantity of resources used to produce it.

Question

Quizplus · Accepted Answer

The cost of something to an economist is not just limited to the monetary value paid for it, but also includes the opportunity cost, i.e., what one gave up in order to obtain that item. The opportunity cost could be in the form of time, resources, money, or foregone alternatives. Hence, option B - what you gave up to get it, is the correct answer.

For an Economist,the Cost of Something Is