The principle that states that the cost of something is equal to what is sacrificed to get it is known as the:
A) reality principle.
B) principle of opportunity cost.
C) principle of diminishing returns.
D) marginal 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 you make a decision, there is an opportunity cost. You have to give up something in order to get something else. By understanding the principle of opportunity cost, you can make better decisions that maximize your benefits and minimize your costs.

The Principle That States That the Cost of Something Is