Opportunity cost is best defined as:
A)marginal cost minus marginal benefit.
B)the time spent on an economic activity.
C)the value of the best foregone alternative.
D)the money cost of an economic decision.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative that is foregone when making a decision. It is not related to marginal cost or marginal benefit, time spent, or money cost. Therefore, C is the correct choice as it accurately defines opportunity cost.

Opportunity Cost Is Best Defined As