What is the opportunity cost of an item?
A) the number of hours needed to earn money to buy it
B) what you give up to get that item
C) always less than the dollar value of the item
D) always equal to the dollar value of the item

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative that is forgone as a result of making a decision. It is what you give up to get that item, not necessarily related to the time spent earning money or the dollar value of the item.

What Is the Opportunity Cost of an Item