The basic idea of opportunity cost is that

Question

Quizplus · Accepted Answer

Opportunity cost is the cost of the next best alternative foregone when making a decision. This means that by choosing to use resources in one activity, we are giving up the opportunity to use those resources in another activity. Therefore, option C is the correct choice because it explains the essence of opportunity cost. Option B is partially correct but does not fully capture the concept of opportunity cost. Option A and D are incorrect as they do not directly relate to the definition of opportunity cost.

The Basic Idea of Opportunity Cost Is That