The principle that states that the cost of something is equal to what is sacrificed to get it is known as the
A) marginal principle.
B) principle of opportunity cost.
C) principle of diminishing returns.
D) reality principle.

Question

Quizplus · Accepted Answer

The principle of opportunity cost states that the cost of something is equal to what is sacrificed to get it. This means that whenever we make a choice or a decision, we must consider not only what we will gain but also what we will lose or give up. It is important to understand the concept of opportunity cost in order to make wise and informed decisions. The other options may be related to economics, but they do not directly relate to this specific principle.

The Principle That States That the Cost of Something Is