The opportunity cost of something is:
A) the cost of the labor used to produce it.
B) the price charged for it.
C) the search cost required to find it.
D) what you sacrifice to get it.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the next best alternative that is forgone in order to choose a certain option. In other words, it is what you sacrifice to get something. Therefore, the best choice is D. The other options (A, B, and C) are not accurate definitions of opportunity cost.

The Opportunity Cost of Something Is