Opportunity cost is
A) the additional cost incurred from the consumption of one more unit of output.
B) the cost involved when choosing between alternatives.
C) the cost of production which cannot be recaptured.
D) the total cost incurred from the consumption of additional output.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the cost associated with choosing one alternative over another, essentially representing the benefits that are foregone by not choosing the next best alternative.

Opportunity Cost Is