Opportunity cost is defined
A) only in terms of money spent
B) as the value of all alternatives not chosen
C) as the value of the best alternative not chosen
D) as the difference between the benefits from a choice and the benefits from the next best alternative
E) as the difference between the benefits from a choice and the costs of that choice

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the best alternative that is foregone when a choice is made. It represents the benefits that could have been gained by choosing the next best alternative.

Opportunity Cost Is Defined