The opportunity cost of an action is
A) the monetary payment the action required.
B) the total time spent by all parties in carrying out the action.
C) the value of the best opportunity that must be sacrificed in order to take the action.
D) the cost of all alternative actions that could have been taken, added together.

Question

Quizplus · Accepted Answer

Opportunity cost is defined as the value of the next best alternative that is foregone when a decision is made to pursue a certain action.

The Opportunity Cost of an Action Is